Approved foreign exchange business in October 2010
PRESS RELEASE Release Date: November 15, 2010
Approved foreign exchange business in October 2010
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1.The Bank notified the headquarters of domestic authorized banks that financial institutions engaged in buying or selling Renminbi banknote should arrange Renminbi coverage with the Bank of Taiwan or Mega International Commercial Bank from October 26, 2010.
2.Mega International Commercial Bank to conduct onshore USD payment and settlement system for retail and interbank fund transfers and accepting transfer instructions via Taiwan Depository & Clearing Corp., Financial Information Service Co. Ltd and Society for Worldwide Interbank Financial Telecommunication (S.W.I.F.T)
3.Hua Nan Commercial Bank to conduct foreign currency commodity options via the negative list approach.
4.10 branches of 3 banking enterprises to operate foreign exchange business. As of the end of October 2010, there were 1,612 authorized foreign exchange banks, including 1,548 domestic banks and 64 foreign banks.