You are here
OCBC, UOB confirm they can trade forex in China
OCBC Bank and United Overseas Bank (UOB) both confirmed on Thursday that they continue to trade foreign exchange in China, unlike several banks including DBS Bank that are said to have been banned from doing so.
The respective spokeswomen of OCBC and UOB told The Business Times their banks face no ban on trading forex in China.
DBS spokeswoman Edna Koh declined to comment on reports that the bank is among others suspended from some forex business in China.
"We heard that DBS had been banned since December," a source told BT.
DBS Group Holdings and Standard Chartered are among banks suspended from some forex business in China, reported Bloomberg citing sources.
StanChart has appealed to China's central bank to shorten a ban running through March, said one of the people, who asked not to be identified because they are not authorised to speak publicly, reported Bloomberg. DBS's ban is shorter than three months, it said.
The clampdown came as the growing offshore-onshore spread made it profitable to buy the currency in Hong Kong and sell it in Shanghai, said Bloomberg.
China's decision to suspend StanChart was reported earlier by Reuters, which also cited Deutsche Bank among lenders banned.