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.