Currency dealing liberalised in China

CHINA - The central bank has eased controls on foreign-exchange dealing by domestic banks to put them on an equal footing with foreign competitors, it was reported.

The terms of China's accession to the World Trade Organisation allow foreign banks to deal in foreign exchange with Chinese firms and individuals. The paper said a Chinese bank licensed for foreign exchange would be free to launch new services at branches, such as deposit-taking, with the exception of buying and selling foreign cur