Many banks including the Agricultural Bank of China and the Industrial and Commercial Bank of China have announced the optimization of personal foreign exchange services, which is expected to save expenses for customers who exchange currency or remit overseas.
According to the announcements, all currencies are exempted from the conversion price difference between cash and spot exchange when banks handle foreign exchange-related business,
Dong Ximiao, chief researcher of Merchants Union Consumer Finance Company Limited, said that because the storage and transportation of foreign exchange cash lead to extra costs, the price of foreign exchange cash is higher than that of spot exchange. The new policy saves money for business handling and makes foreign exchange transactions simpler and more convenient, he said.
"To put it simply, from now on, when we conduct foreign currency exchange and cross-border remittances in these banks, we only need to pay attention to changes in exchange rates, free from considering the price difference between remitting money and cash deposit. That means the clients will pay less for relevant services," Dong said.
Chinese commercial banks issue new policies to save costs for foreign exchange businesses
As host of the 33rd APEC Economic Leaders' Meeting, China is committed to promoting regional cooperation and development across the Asia-Pacific, Chinese Vice Foreign Minister Ma Zhaoxu said.
This year marks the APEC "China Year," with the theme of "Building an Asia-Pacific Community to Prosper Together." China will host the 33rd APEC Economic Leaders' Meeting in November.
The country is holding the first first senior officials' meeting and related events in Guangzhou, the capital of south China's Guangdong Province, from Feb. 1 to 10, marking the launch of a year-long series of APEC China Year activities.
In an interview with China Media Group (CMG), Ma said China aims to set the tone for unity in the Asia-Pacific region by emphasizing free trade and practical partnerships in an increasingly uncertain world.
"The world today is beset with changes and disturbances, with turmoil continuing to mount, unilateralism and protectionism on the rise, and the international economic and trade order facing grave challenges. The Asia-Pacific region stands at a crossroads and must choose its path, while international cooperation faces a critical moment of either advancement or regression. Against this backdrop, China's role as the host of the 2026 APEC meeting carries significance that extends far beyond APEC itself, and even beyond the Asia-Pacific region," he said.
Noting the 2026 APEC "China Year" coincides with the inaugural year of China's 15th Five-Year Plan, Ma said that as the host of APEC meeting, China will play a leading role in shaping regional economic integration and advancing the development of an Asia-Pacific community. "China's economy is growing steadily, with an optimized structure and fresh momentum. It has surpassed 140 trillion yuan. Looking ahead to the 15th Five-Year Plan period (2026-2030), China will further deepen reforms and expand opening-up. As APEC host, we will carry forward the historical initiative, lead regional economic integration, promote an Asia-Pacific Community, and create a good external environment for building a new development pattern and promoting high-quality development," said the vice foreign minister.
China to boost Asia-Pacific cooperation, development as APEC host: official
