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.
BOC backs forex futures
ONE of China's four major commercial banks, the Bank of China, is to launch full-scale forward trading in foreign currency during this year, to enable enterprises to reduce exchange risks. The Bank of China service, which is already offered on an experimental basis by the bank's head office and 12 major branches, will be opened to all branches during the year, Xinhua news agency said yesterday. Foreign currency trading through the Bank of China last year reached a total of more than US$1 billion, and the bank is the mainland's largest foreign-exchange bank.