The Bank of China (BOC) has not changed its timetable for going initial public offering (IPO), said BOC spokesman after the central bank announced the new policy on Renminbi exchange rate.

The new policy on Renminbi exchange rate will not exert substantial influence on BOC's annual profits. Besides, as the state investment firm Central Huijin had invested US$22.5 billion into BOC before that, the bank's profits will not shrink because of the depreciation of US dollar, said a BOC spokesperson Zhou Ning.

Bank of China, one of the four largest state commercial banks in China, is preparing to sell its shares to the public.

The bank is engaged in changing its operating mechanism and improving corporate performance, said another BOC spokesperson Wang Zhaowen, adding that the reform on human resources is to be completed by the end of August.

The negotiations on introducing strategic investors and placement agents are well underway, Wang said, adding, no final decision has been made so far. The shares of strategic investors will not exceed 20 percent of the bank's total shares.

Statistics with the BOC showed that the bank's assets totaled 4,544.038 billion yuan (US$560 billion) up to June 30 and its debt was 4283.346 billion yuan (US$528 billion), up 6.41 percent and 6.08 percent respectively over the beginning of this year.

All of the bank's 30 domestic branches and 29 of its 30 agencies abroad are profitable, said sources with the BOC.  

(Xinhua News Agency July 26, 2005)