ICBC opens new forex remittance option
( 2003-10-20 21:36) (Xinhua)
The Industrial and Commercial Bank of China (ICBC) began offering a new
service allowing foreign exchange remitted overseas to be drawn in the form of
Renminbi ( RMB) yuan in China, a spokesman for the bank announced Monday.
The bank's Singaporean branch has already opened the business and seen a
sharp increase in remittance, according to the spokesman.
According to the branch's practice, if the remitter requests to have the
remittee get money in the form of yuan, the branch will convert his foreign
exchange into yuan based on the current exchange rates and then transfer to
local branches in China.
In the past, foreign exchange remitted from foreign lands could be drawn in
the form of foreign exchange only.
|
