More Foreign Currency Exchanges to Open up in Shenzhen
Shenzhen will be improving their financial services by opening more foreign currency exchanges and ATMs with currency exchange functions in more hotels, business and commercial areas. The Shenzhen Bureau of State Administration of Foreign Exchange are encouraging banks to set up more ATMs in four star or higher hotels.
ATMs will also be set up at airports, tourists attractions, and other foreign communities. Online foreign currency exchange services will also be opened to further broaden the foreign exchange network coverage. Financial institutions are also asked to set up foreign currency exchanges at checkpoints, commercial and business areas.
The State administration approved a pilot currency exchange program in Shenzhen in 2009, with this it allowed eligible companies to be involved in currency exchange, and also allowed non-banking agencies to participate in franchise operations. Before foreign currency exchanges were limited to banks and authorized agencies and exchanges were limited.