The China State Administration of Foreign Exchange (SAFE) announced on Thursday that the China Foreign Exchange Trading Center -- a unified domestic interbank forex lending market -- will start operating from June 1.
A spokesman for the SAFE said that this move aims to improve the operational efficiency of financial institutions' forex capital and promote the development of China's forex market.
Currently China's interbank forex lending business is conducted among financial institutions and is not organized, which does not satisfy financial institutions' needs to readjust their forex conditions.
He said the unified trading center will encourage the rational flow and efficient distribution of forex capital.
Currencies traded at the center will include the US dollar, Japanese yen, HK dollar and euro.
(China Daily May 31, 2002)