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Sinochem completed its first OTC Transaction

Date:2006-04-24 Source:Sinochem Group
On Apr.5th, as the non-financial enterprise member of China's Foreign Exchange Trading Center, Sinochem Corporation completed its first OTC transaction with CITIC.

On Aug. 8th, 2005, China's central bank issued "The Circular on Further Developing Chinese Foreign Exchange Market". The Circular stipulated that Non-financial enterprise can also apply for the membership of China Foreign Exchange Center. On Dec.21st, 2005, Sinochem won the approval of membership by SAFE (State Administration of Foreign Exchange) to engage in the interbank spot foreign exchange business. On Mar.20th, 2006, Sinochem has accomplished all the hardware and software preparation and finally got the entrance to China Foreign Exchange Center to conduct spot transition between RMB and USD, JPY and HKD.