Although Travelex has operated in China in a limited capacity since November 2005, the award to it of an authorised foreign exchange licence places the company in what could be a leading position to grab a large slice of the country’s tourist currency business.
The licence, which was signed by China’s prime minister, Wen Jai Bao, allows Travelex to operate independently and with the freedom to deal in any currency it chooses. It had previously operated as an agent for Chinese banks and was restricted to providing a service in only 16 currencies.
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