By Qin Danfeng

The State Administration of Foreign Exchange issued four more "Authorized Currency Exchange" licenses to non-financial companies in Beijing Friday.

The four companies, Beijing United Currency Exchange, International Currency Exchange, Beijing National Insurance Agency and Huanjiuzhou Currency Exchange, have now all been licensed to conduct foreign exchange transactions for both Chinese and overseas individual clients.

Together with Travelex, which received similar authorization in 2008, there are now five companies in Beijing that can legally conduct this type of business. Previously, these companies were authorized agents of commercial banks and had to follow the exchange rates. There are now 15 authorized foreign exchange shops in Beijing, all owned by these five companies. 12 are located at Beijing Capital International Airport and 3 are in the city center at Hongqiao Market, Yashow Market and Suzhou Street. The authorization means that these companies can now determine exchange rates themselves, according to the market situation. The new license makes companies like United Currency Exchange more competitive than the commercial banks.

Authorized foreign exchange shops convert up to 18 different currencies, while most of the commercial banks only deal with five foreign currencies. An appointment is required in advance to exchange other currencies.