ANZ offers more products to China
(26 October 2004 – China) The China Banking Regulatory Commission has given ANZ the green light to distribute foreign currency and interest rate risk management products in China.
The license allows the bank to provide currency and interest rate risk management products such as dual currency deposits, foreign currency options, forward exchange contracts, interest rate swaps and options.
The move comes one month after the Commission gave ANZ’s Shanghai branch permission to trade in Renminbi, thereby expanding the trade related services the bank is able to provide Chinese owned businesses.
Head of ANZ’s China operations Andrew McGregor said deregulation of financial markets in China had led to an increasing demand for risk products.
"The approval we have received from the China Banking Regulatory Commission allows us to provide a range of currency and interest rate risk management products to customers in China including global companies operating in China, local Chinese corporations and our personal customers," he said.
"We are one of the first banks to receive this approval and it is another step in the development of our business in China," McGregor said.
The bank said distribution of currency and interest rate risk management products in China would be based on its global financial markets capabilities and would be centrally managed from transactions generated in China.
The move comes one month after the Commission gave ANZ’s Shanghai branch permission to trade in Renminbi, thereby expanding the trade related services the bank is able to provide Chinese owned businesses.
Head of ANZ’s China operations Andrew McGregor said deregulation of financial markets in China had led to an increasing demand for risk products.
"The approval we have received from the China Banking Regulatory Commission allows us to provide a range of currency and interest rate risk management products to customers in China including global companies operating in China, local Chinese corporations and our personal customers," he said.
"We are one of the first banks to receive this approval and it is another step in the development of our business in China," McGregor said.
The bank said distribution of currency and interest rate risk management products in China would be based on its global financial markets capabilities and would be centrally managed from transactions generated in China.
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