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Banking: Restrictions on forex

(chinadaily.com.cn)
Updated: 2006-03-14 10:37

Organizations from overseas in China are not permitted to promote foreign exchange (forex) business unless approved by the China Banking Regulatory Commission (CBRC), the commission said in Beijing on Monday. In an announcement the commission said an online service was also prohibited. (Xinhua)

The Industrial & Commercial Bank of China, the nation's largest lender, does not intend seeking more foreign strategic investors ahead of a planned US$10 billion public offering. (China Daily)

China's Minsheng Banking Corp, a midsized Chinese lender, is in talks with Royal Bank of Canada (RY) about launching a fund management joint venture, a source familiar with the talks said Monday. (MarketWatch)

The Industrial and Commercial Bank of China Ltd (ICBC) said Monday it doubled its lending last year, providing 48.28 billion yuan (about 6 billion US dollars) in syndicated loans. (Xinhua)

China's National Foreign Exchange Center has set the central parity rate for China's yuan at 8.0475 to the US dollar. The rate compares with the midpoint of 8.0503 set on the previous trading day. (Chinamoney website)