The Chinese government has ended Bank of China's monopoly on personal purchases of foreign exchange by allowing two other banks to sell foreign currency to individuals, Xinhua reported. The Industrial and Commercial Bank of China and Citic Industrial Bank are now able to sell foreign currency to individuals through a realtime computer network linked to the government's foreign exchange system.
The new system was introduced in Beijing on a trial basis in April and was extended to the whole country at the start of August.
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