Chinese Banks Stocking up on Euros

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Last updated at: (Beijing Time) Thursday, December 27, 2001

Chinese Banks Stocking up on Euros

Chinese banks were stocking up on euros Wednesday in anticipation of next week's official rollout of the notes and coins for the single European currency.

Chinese banks were stocking up on euros Wednesday in anticipation of next week's official rollout of the notes and coins for the single European currency.

Money changing operations with the new European currency were being prepared at China's leading commercial banks, including the Bank of China, the Industrial and Commercial Bank of China (ICBC) and the Construction Bank of CHina, the Beijing Youth Daily said.

Chinese banks would begin next year sending their francs, marks, lira, florins and other traditional European currency to the central European bank for destruction.

In Beijing, all branches of the Bank of China, China's leading foreign exchange bank, and some 400 branches of the ICBC would be accepting euros starting from January 1, the report said.

China to Buy More Euro