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Bank of China offers forex margin trading in Shanghai
2007-02-11
BEIJING, Feb 11 (Reuters) - The Bank of China will offer foreign exchange margin trading to clients at its Shanghai branch, the branch said on its Web site (www.sh.bank-of-china.com). China's banks are offering more elaborate investment products to attract and keep wealthy depositors despite low interest rates and increased competition from foreign banks. Depositors of euros, US dollars, British pounds, Australian dollars, Japanese yen, Swiss francs or Canadian dollars valued at a minimum of US$500 will be able to trade up to 10 times that amount on margin. Accounts may be set up from Monday. Account holders will be allowed to trade ten pairs of those currencies. China does not allow margin trading in its stock markets, for fear of runaway speculation. The Bank of China will launch a fund product this week to allow mainland Chinese investors to indirectly play the Hong Kong stock market, the official Financial News reported on Saturday.
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