Approved foreign exchange business in September 2011
PRESS RELEASE Release Date: October 12 , 2011
Approved foreign exchange business in September 2011
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Ta Chong Bank Ltd. to conduct Structured Products composed of FCY Commodity Swaps and FCY Commodity Options by notifying the CBC after the commencement of business.
2. Natixis Security Investment Consultant Co., Ltd. to act as a domestic agent of private placement of offshore funds regarding inward and outward remittance issues.
3. 46 branches of 6 banking enterprises to operate foreign exchange business. As of the end of September 2011, there were 1,984 authorized foreign exchange banks, including 1,912 domestic banks and 72 foreign banks.