People's Bank of China, Measures for the Administration of the Handling of the Settlement and Sale of Foreign Exchange by Banks

Main contents: Originally, the People's Bank of China had set eight conditions for a financial institution wishing to apply to engage in the business of spot settling and selling foreign exchange, now reduced to four in the new Measures. The four conditions set forth in the new Measures are as follows: having financial business qualifications; having sound business management systems; having the software and hardware equipment necessary to handle business; and having the senior management personnel and business personnel with relevant work experience (Article 6).