Approved foreign exchange business in April 2011
PRESS RELEASE Release Date: May 13, 2011
Approved foreign exchange business in April 2011
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. China Life Insurance Co., Ltd. and PCA Life Assurance Co., Ltd. to conduct non-investment-linked insurance business settled in foreign currencies and foreign currency loans secured by the same insurance policy.
2. Taiwan Cooperative Bank, Cathay United Bank, E. Sun Commercial Bank to clear and settle onshore foreign currency short-term bills.
3. 15 branches of 3 banking enterprises to operate foreign exchange business. As of the end of April 2011, there were 1,756 authorized foreign exchange banks, including 1,689 domestic banks and 67 foreign banks.