Approved foreign exchange business in February 2014
PRESS RELEASE Release Date: March 13, 2014
Approved foreign exchange business in February 2014
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1.The Shanghai Commercial & Savings Bank to operate approved internet banking foreign exchange business through a mobile banking system.
2. Bank of China, Taipei Branch to be an agent of Foreign Exchange Interbank Clearing System for cross border remittances in USD.
3. The establishment of Foreign Exchange Interbank Clearing System to process cross border remittances in USD and payment versus payment settlements.
4. Ta Ching Bills Finance Co. to engage in trading and investment of FCY Bonds.
5. DBS (Taiwan) to conduct FCY structured products composed of “FCY (including RMB) Interest Rate Swaptions , Interest Rate Swaps, Interest Rate Options and Currency Options” and matured original currency 100% principal guaranteed structured products composed of the above FCY structured products linked with FCY (including RMB) deposits.
6. 2 branches of Yuanta Commercial Bank to operate foreign exchange business. As of the end of February 2014, there were 3,362 authorized foreign exchange banks, including 3,322 domestic banks, 3 Mainland banks and 37 foreign banks.