Shenyang financial authorities said a bank-charge integration project was kicked off at the beginning of this year, and that Agricultural Bank of China Ltd. (01288.HK, 601288.CN), Bank of China Ltd. (03988.HK, 601988.CN) and Bank of Communications Ltd. (BoComm, 03328.HK, 601328.CN) have agreed to waive settlement charges across the eight cities in the Shenyang Economic Zone (SEZ), the China Securities Journal reported Friday. The move could help local residents and micro enterprises save over 100 million yuan (US$16.49 million) a year in bank-charge expenses, the report said. Other reforms under the financial integration project, including integration of foreign exchange management, are to be carried out in the SEZ this year and earmarked for completion by end of 2016. With Shenyang, the capital of Liaoning province, at its center, the SEZ spreads out 100 kilometers to include Anshan, Fushun, Benxi, Yingkou, Fuxin, Liaoyang and Tieling.
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