Chinese Banks Ready for Euro Business

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 ◆ Chinese Banks Ready for Euro Business

Major Chinese commercial banks have got prepared for euro-related business, which will begin on January 1 when the single European currency makes its debut.

He Guangbei, vice-president of the Bank of China, said his bank is now capable of handling euro-related business after several months of preparation.

"The computer programmes have already been switched over to euros," he said.

The vice-president said his bank began the preparation work in August, mapping out a detailed timetable for the transition period of the euro, detailed operational methods and related rules.

The bank has also compiled Bank of China Euro Business pamphlets, introducing the euro bank notes and coins and the bank's euro-related business.

"As of January 1, Bank of China will no longer handle selling and withdrawing business of other European currencies now circulating in the euro zone," he said.

But customers will still be able to exchange European currencies into euros when making deposits until March 1.

Customers' European currency accounts will also be changed into euro accounts from January 1.

Other major Chinese commercial banks, including China Construction Bank and the Industrial and Commercial Bank of China, also claim that they are prepared for January 1.

"All the euro-related operations and personnel training have been finished," said Wang, an official with China Construction Bank.

"The debut of the euro will not only be a big issue for European countries, but will also have a deep impact on global trade and economic development," Wang said. Major Chinese commercial banks have got prepared for euro-related business, which will begin on January 1 when the single European currency makes its debut.

He Guangbei, vice-president of the Bank of China, said his bank is now capable of handling euro-related business after several months of preparation.

"The computer programmes have already been switched over to euros," he said.

The vice-president said his bank began the preparation work in August, mapping out a detailed timetable for the transition period of the euro, detailed operational methods and related rules.

The bank has also compiled Bank of China Euro Business pamphlets, introducing the euro bank notes and coins and the bank's euro-related business.

"As of January 1, Bank of China will no longer handle selling and withdrawing business of other European currencies now circulating in the euro zone," he said.

But customers will still be able to exchange European currencies into euros when making deposits until March 1.

Customers' European currency accounts will also be changed into euro accounts from January 1.

Other major Chinese commercial banks, including China Construction Bank and the Industrial and Commercial Bank of China, also claim that they are prepared for January 1.

"All the euro-related operations and personnel training have been finished," said Wang, an official with China Construction Bank.

"The debut of the euro will not only be a big issue for European countries, but will also have a deep impact on global trade and economic development," Wang said.(People's Daily)