Bank of Communications Co. Ltd. received regulatory approval to begin operations of BOCOM Financial Asset Investment Co. Ltd.

The wholly owned subsidiary has a registered capital of 10 billion Chinese yuan and will mainly engage in debt-to-equity swaps and other supporting businesses. It received approval from the China Banking Regulatory Commission, according to a Dec. 28 release.

As of Dec. 28, US$1 was equivalent to 6.53 Chinese yuan.