CCB launches retail Forex service
27/5/2003 16:33
The China Construction Bank (CCB), the nation's third largest bank,
was approved to open retail foreign exchange business recently, eastday.com
reported today.
Chinese residents will be able to purchase foreign
exchange in certain outlets of the bank nationwide by the end of next
month.
According to China's previous foreign exchange administration
policy, only the Bank of China was allowed to handle retail foreign exchange
business for domestic residents.
In a bid to meet the market demand and
create a fair market competition environment, the State Administration of
Foreign Exchange cancelled the policy in March last year, encouraging more
commercial banks to provide the service.
The China Construction Bank has
completed full preparations and offered the service on a trial basis in some
developed areas.
Wendy Zhang/ Shanghai Daily news
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