Shanghai Zhangjiang ICE Foreign Exchange Limited, a joint venture between Zhangjiang Group and leading foreign exchange specialist, International Currency Exchange (ICE), which is headquartered in the UK, is the first non-financial company to be given approval to conduct two way foreign exchange transactions in Shanghai, China's financial hub.

The ground-breaking move, approved by the State Administration of Foreign Exchange in China, reflects the growing significance of Shanghai in the global financial marketplace. It is also an important step for China in the preparations for the Shanghai World Expo to be held in 2010.

The joint venture is the first non-financial company to be allowed to offer foreign exchange services in Shanghai, demonstrating the city's move to become an integral part of the international financial marketplace. With a 50% share of the non-bank foreign exchange market and the fastest growing provider in China, Shanghai Zhangjiang ICE was the natural choice to be awarded Licence No 001.

As Koko Sarkari, Director of Shanghai Zhangjiang ICE Foreign Exchange Limited comments, this is a hugely significant development. "The decision of the State Administration of Foreign Exchange to widen foreign exchange services is a very important step and we are very proud and enormously honoured to be the first non-financial company to be given permission to offer this service. It is tremendously exciting for us to be able to strengthen our position in China.

"As Asia's biggest source of tourists last year and the world's fourth most popular tourism destination, China is definitely the market in which to be developing. Plus, with Shanghai playing an increasingly important role in the global financial marketplace, this licence puts us right at the heart of China's burgeoning financial position in the world market."

The Shanghai Zhangjiang ICE Foreign Exchange operations in Shanghai are strategically located in the city's International airport, where there are 2 branches and in the new high-tech Shanghai railway station, which is the first time such a facility has been made available outside of an airport in China.

Non-Chinese nationals will be able to sell up to $500 worth of yuan per day through the new exchange centres in Shanghai. This will increase to $1,000 of yuan per day when individuals pass beyond customs checkpoints at airports, ports and other border controls. In addition, Chinese nationals will be able to buy or sell currency through the Shanghai Zhangjiang ICE Foreign Exchange centres, as part of their annual quota of $50,000.