China Sets Up Forex Operation For Shenzhen Export Zone

BANKS

The Chinese authorities have established a foreign exchange trading operation at the Shenzhen export processing zone in a bid to marginalise illegal forex dealers and to offer investors a legal conduit through which to buy and sell forex, officials say.

The Shenzhen Foreign Exchange Trading Centre (SFETC), with a paid-up capital of HK$ 100 million, is jointly owned by the Chinese State Administration of Exchange Control, the People's Bank of China and 14 Chinese banks. "Our exchange rates are