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Last updated at: (Beijing Time) Monday, April 28, 2003

ICBC Allowed to Do Forex Derivative Businesses

The Industrial and Commercial Bank of China (ICBC) announced Friday that the central bank has authorized it to engage in foreign exchange financial derivative businesses, including forward, swaps, futures and options.


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The Industrial and Commercial Bank of China (ICBC) announced Friday that the central bank has authorized it to engage in foreign exchange financial derivative businesses, including forward, swaps, futures and options.

A spokesman for the ICBC said that, over the past few years, the bank has opened for capital businesses such as for trading, bond investment, trading and gold trading, and has established fairly advanced trade management and risk control systems, thus laying a solid foundation for the opening of for financial derivative businesses.

He said the authorization from the central bank has greatly expanded the ICBC's product range, improving its financial services and market competitiveness.


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