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  • Dec 22, 2014
  • Updated: 5:57am

Bank of China

Bank of China is one of the big four state-owned commercial banks of the People's Republic of China – the other three are Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China. Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank.

CHINA FOREIGN currency deposits

PUBLISHED : Friday, 22 December, 1995, 12:00am
UPDATED : Friday, 22 December, 1995, 12:00am

FOREIGN currency deposits in individual accounts with the Bank of China have risen to US$13.62 billion by the end of November, according to the Economic Information Daily .


The bank first started accepting foreign currency deposits in 1984 and by April 1994 these had exceeded $10 billion.


The Bank of China, one of the four state-owned commercial banks, now held more than 60 per cent of the country's individual foreign currency deposits, the newspaper said.


In addition to foreign currency sent by overseas Chinese, more was being sent home by Chinese nationals working abroad. The increasing numbers of visitors to the country had added to the surge in foreign currency, the paper said.


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