Approved foreign exchange business in July 2012
PRESS RELEASE Release Date: August 13, 2012
Approved foreign exchange business in July 2012
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Bank of China to sell/buy Renminbi banknotes.
2. Taichung Commercial Bank to conduct OTC NTD/FCY Options business.
3. China Development Industrial Bank to operate Structured Products with 90% Principal Protection, composed of NTD Interest Rate Swaps and Foreign Currency Bond Fund Index (with pre-agreed ratio for PIMCO Total Return Bond Fund and Templeton Global Total Return Fund) Swaps and Options, and also to operate above-mentioned Structured Products linked to NTD deposits.
4. Cathay Securities Corp., to conduct consigned trading of foreign securities involving receipts and disbursements settled in FCY or NTD.
5. 17 branches of 7 banking enterprises to operate foreign exchange business. As of the end of July 2012, there were 3,171 authorized foreign exchange banks, including 3,120 domestic banks, 2 Mainland banks and 49 foreign banks.