News from the Bank of China on August 1 says that the bank has become the first commercial bank approved by the State Administration of Foreign Exchange to launch foreign currency/RMB swap transaction business that do not involve fixed-for-floating swaps.

From the very day the Bank of China would begin conducting experiment in six branches in Beijing, Zhejiang, Shanghai, Jiangsu, Guangdong and Shenzhen and expand it nationwide as soon as possible.

By People's Daily Online