THE Bank of China's Shanghai branch is to launch foreign exchange services for individual customers.
The move will provide an outlet for Shanghai residents to exchange foreign currencies, even though they are not allowed direct access to swap markets which are open only to businesses.
The service, believed to be the first of its kind offered by the banking sector in the city, will cover exchange between the US dollar, sterling, deutschemark, yen, and Hong Kong dollar, according to reports in pro-Beijing newspapers.
It is understood the service will not include yuan dealing.
The minimum transaction size would be US$500 or its equivalent, and the exchange rates would be quoted with reference to international financial markets, said the reports.
The service will be open to customers holding an identity card and a foreign currency account with the bank, or with foreign cash.