Organizations from overseas in China are not permitted to promote foreign exchange business unless approved by the China Banking Regulatory Commission (CBRC), the commission said in Beijing on Monday.

 

In an announcement the commission said an online service was also prohibited.

 

"The Chinese laws and regulations do not protect such businesses and consumers should take care," it said.

 

The commission said the reason it issued such an announcement was that it had recently found foreign organizations promoting their foreign exchange business online or when holding seminars and training projects.

 

"This act has violated Chinese regulations and the cases in which consumers suffer losses have occurred," the commission said.

 

(Xinhua News Agency March 14, 2006)