China's insurance regulator has given the green light for PICC Pension Co. Ltd, a wholly owned unit of People's Insurance Co. (Group) of China Ltd., to start operations, it said in an Oct. 10 notice.
PICC Pension is registered in China's new economic zone, Xiongan New Area, Hebei province, with capital of 4 billion yuan. It will operate in Beijing, noted the China Insurance Regulatory Commission.
The company received an insurance license in January and is China's eighth pension insurance company.
As of Oct. 10, US$1 was equivalent to 6.59 Chinese yuan.