6 Banks Approved to as Foreign Exchange Market Makers

China is attempting to further enliven is foreign exchange market. In that vein Beijing has approved six more banks.

1. Chine Everbright Bank – they give away toothpaste when you open up an account.

2. China Minsheng Bank

3. Huaxia Bank

4. China Development Bank

5. Sumitomo Mitsu Bank Corporation's Shanghai Branch

6. Deutsche Bank's Shanghai Branch

Thirteen inter-bank market makers are domestic banks and eight are foreign-funded banks.

China now has 261 foreign exchange market members.

With the Chinese yuan doing its dance and more and more foreign businesses coming to China and Chinese heading overseas to do business, there is a need for more people to skim off the top when doing the exchanges.

I hated losing money when I exchanged yen to dollars to go home and then changed it back when I returned to Japan.

Exchanging money is just another big business. And now, China has more people doing it.

What do you think?