OREANDA-NEWS. August 13, 2015.

Approved foreign exchange business in July 2015

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1.Promulgation of the application procedure and related requirements for setting up service offices by authorized banks to engage in foreign exchange businesses.
2.Promulgation of “Directions for Issuance of Foreign Currency Denominated Negotiable Certificate of Deposit by Banks”.
3.Amendment of “Directions Governing Banking Enterprises for Operating Foreign Exchange Business”.
4.Mega International Commercial Bank and Cathay United Bank to engage in receipts and disbursements of funds of trading foreign currency denominated bonds and bills by bills houses and securities enterprises.
5.Establishment of Foreign Exchange Interbank Clearing System to provide “Delivery Versus Payment” (DVP) settlement.
6.3 branches of E.Sun Commercial bank to operate foreign exchange business. As of the end of July 2015, there were 3,411 authorized banks, including 3,372 domestic banks, 3 Mainland banks and 36 foreign banks.