Shanghai Daily news

Bank of China has become the first lender to gain approval from the country's foreign exchange regulator to operate foreign currency swap business after the central bank allowed lenders into this segment last month.
BOC, the largest foreign exchange lender in China, started the swap business between the yuan and other foreign currencies on Thursday.
The service started at six branches in Beijing, Shanghai, Shenzhen, and Zhejiang and Jiangsu provinces, which are home to a number of trading firms. It will later expand it to all its branches nationwide.
"The swap service will help our institutional clients hedge against the foreign exchange rate fluctuation and raise the liquidity of their capital," the bank said in a statement on its Website.
The swap service is a combination of spot trading and forwards trading, which allows a company to lock in the price of the foreign currency it wants to buy at a future date.
The People's Bank of China, the central bank, allowed all the country's commercial banks, including branches of overseas lenders, to join the pilot banks in offering forward contracts. Six months later they will be given the license to conduct swap currency trading.
BOC has been operating forex forwards trading for eight years and it's one of the pilot lenders in dealing with forwards.
China's forex regulator is gradually introducing various forex derivatives into the market for banks and companies to hedge against the risk.