First Non-resident Account Set up in Zhejiang

Recently, our reporter has learnt from the international settlement department of the Bank of China, that the Yiwu Branch has worked positively and successfully to set up the first non-resident account in Zhejiang province since the release of the rounded State Administration of Foreign Exchange on Relevant Issues Concerning the Management of Domestic Foreign Exchange Accounts of Overseas Institutions by the State Administration of Foreign Exchange on July 13th.

This efficiently reduces business hours on operating foreign exchange receipts and payments, which is beneficial to Chinese-invested banks of expanding business. Besides, it provides domestic fund management to overseas enterprises, which has brought our financial institutions of our city greater development space.