Banks to approve capital deals
1 January 2002
Some banks in Shanghai have been authorised to examine and approve foreign exchange transactions on the capital account, Xinhua reported. The move is part of China's policy of loosening its foreign exchange management system and, if the experiment is successful, it will be extended to other banks across the country.
Bank of Communications, based in Shanghai and China's fifth largest commercial bank, recently became the first bank given the right to approve capital account settlement for foreign-funded companies.