Approved foreign exchange business in December 2016

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1.  Amendment of “Regulations Governing Foreign Exchange Business of Insurance Enterprises”.

2.  Bank SinoPac to engage in principal protected structured products composed of foreign exchange rate options and foreign currency equity options linked to foreign currency principals.

3.  One branch of one bank to operate foreign exchange business. As of the end of December 2016, there were 3,427 authorized banks, including 3,389 domestic banks, 3 Mainland banks and 35 foreign banks.