China opening up for forex?

Not sure if I'm dreaming or not but it would appear that the Chinese regulator has approved the first ever bank in China to launch an online foreign exchange sale and purchase business. The Bank of China is the first Chinese bank to receive such an approval believe it or not - I'm not really sure how the exchange business worked until now except through Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term kiosks (Travelex being one of the largest) and commercial banks.

Clients can conduct foreign exchange sales and purchases via online banking as long as they have opened passbooks of time deposits accounts or debit cards, and have registered for online banking.

The bank for now will offer the following nine foreign currencies, including the British pound, Hong Kong dollar, US dollar, Japanese yen, Canadian dollar, Australian dollar, the euro, Swiss francs, and the Singapore dollar.

Furthermore, the State Administration of Foreign Exchange (SAFE) issued four more "Authorized Currency Exchange" licenses to non-financial companies in Beijing: Beijing United Currency Exchange, International Currency Exchange, Beijing National Insurance Agency and Huanjiuzhou Currency Exchange.

Right now there are 15 authorized kiosks in China.

While this is not the revolution all forex brokers are eagerly anticipating this is still a very positive sign of China gradually opening up for online retail Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term which is still largely illegal throughout this massive country. Something tells me we will see more and more such notices during 2010.