Chinese Bank Ready for Euro Currency

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Last updated at: (Beijing Time) Sunday, December 30, 2001

Chinese Bank Ready for Euro Currency

The Agricultural Bank of China (ABC) said Saturday that the bank is fully prepared to handle the euro currency that will replace national currencies in 12 European Union countries in the "eurozone" on January 1.

Agricultural Bank of China: to put into circulation on January 1

The Agricultural Bank of China (ABC) said Saturday that the bank is fully prepared to handle the euro currency that will be put into circulation on January 1.

The bank has adjusted its computer system and invited related foreign experts to teach clerks how to tell forged notes from the genuine bills, sources said.

The euro currency will replace national currencies in 12 European Union countries in the "eurozone" on January 1.

The accounts of the former currencies in ABC will be converted automatically into euro by December 31, so customers do not need to do it by themselves, the sources said. The bank will start banking services in euro currency on January 2.

Other Chinese banks

Several big Chinese banks, including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC), also have announced that they are ready to handle euro transactions.

5 million euro shipped to Shanghai

The first batch of euro currency, totaling 5 million, was shipped December 20 to Shanghai, China's leading financial center.

What is the euro?

The euro is the single currency of the European Monetary Union, which was adopted by 11 Member States from 1 January 1999. The 11 Member States are Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. Greece became the 12th Member State to adopt the Euro on 1 January 2001. The name "euro" was chosen by the European Heads of State or Government at the European Council meeting in Madrid in December 1995.

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