Ann: Company update, page-24

I am interested to find out more about where the cash is held. The following is the note from the 6 month accounts at 30 June 17. For such a large amount there should be more detail of who these "reputable banks " are.

It is surprising that they had cash on hand of $2o1k.



7) Cash and cash equivalents

30 June 2017
$ Cash on hand 201,531
Cash at bank 50,678,148

Cash at bank and on hand balances as at 30 June 2017 includes Chinese Renminbi dominated equivalent balances of $50.9 million (RMB 264.6 million) (31 December 2016: $43.0 million (RMB 214.8 million)) which are held with reputable financial institutions in the People’s Republic of China in current bank accounts.
The Renminbi is not freely convertible into foreign currencies. Under the PRC (People’s Republic of China) Foreign Exchange Control Regulations and Administration of Settlement, Sales and Payment of Foreign Exchange Regulations, the Group is permitted to exchange Renminbi for foreign currencies through banks that are authorised to conduct foreign exchange business.
The exchange rate of RMB is determined by the government of the PRC and the remittance of funds out of the PRC is subject to exchange restrictions imposed by the government of the PRC