Travelex first with Chinese license
China has granted its first foreign exchange license to Travelex in a move that liberalises the market and improved access for business.
The Telegraph said the license, approved by Chinese premier Wen Jia Bao, was the first to be awarded to a foreign institution and will give Travelex greater freedom in the setting of exchange rates, the number of currencies it can sell and the location of its branches.
Travelex, the world’s largest foreign exchange operator, has bureaux de change at six Chinese airports, and now plans to open two city-centre offices Shenzhen and Kunming by December, the report said.
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