CHINESE BANKS PERMITTED TO OPEN FOREX ACCOUNTS

siaInfo Services 05-06-2009 Chinese Banks Permitted to Open Forex Accounts BEIJING, May 06, 2009 (SinoCast Daily Business Beat via COMTEX) -- Banks in China are required to label NRA (non-resident account) when opening foreign exchange accounts for overseas institutions, according to a notice issued by the State Administration of Foreign Exchange of China on May 5, 2009. If not permitted, the overseas institutions are not able to draw foreign-currency cash from the accounts, deposit foreign-currency cash in the accounts, and froze foreign-currency capital of the accounts. A ...