Approved foreign exchange business in November 2013
PRESS RELEASE Release Date: December 12, 2013
Approved foreign exchange business in November 2013
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1.To increase the flexibility of funding, the Bank eased the regulation on local securities firms to borrow in foreign currency from authorized FX banks and foreign financial institutions.
2.Dah Chung Bills Finance Corp. to engage in trading and investment of foreign currency bonds.
3.Golden Gate Security Company to conduct consigned trading of foreign securities involving receipts and disbursements settled in foreign currencies.
4.14 branches of 7 banks to operate foreign exchange business. As of the end of November 2013, there were 3,355 authorized foreign exchange banks, including 3,316 domestic banks, 3 Mainland banks and 36 foreign banks.