Brief about Water Festival - Cambodia

Mid November, three days. The Tonle Sap River is the only waterway in the world which flows in opposite directions at different times of the year.
For most of the year the river flows out from the lake into the Mekong. However, during the rainy season from about June to October the Mekong rises, causing the Tonle Sap River to reverse its direction and the lake to swell to more than twice its regular size. At the end of the rainy season, when the water level of the Mekong drops again, the current reverts and flows back into the Mekong.
This unique natural phenomenon is celebrated with three days of boat races, fairs, festivals, shows, parades, fireworks, music and dancing. [tourguide,2010]

Bank of China is now in Cambodia. is it true???

Bank of China (BOC) has been given the approval in principle by the National Bank of Cambodia (NBC) to open its branch in Phnom Penh, Thai Saphear, deputy director of the NBC's cabinet and head of the NBC governor's office, said Thursday.

Thai Saphear said that NBC's Governor Chea Chanto told the new Chinese ambassador to Cambodia Pan Guangxue during a meeting on Wednesday that NBC has approved in principle for the Bank of China to open branch in Cambodia.

Moreover, the governor also suggested the ambassador to try to attract more commercial banks from China to invest in Cambodia in order to boost the development of the economy of Cambodia.

It would be the first commercial bank from China in Cambodia.

According to the NBC's rule, after the approval in principle, the bank has six months to fill the requirements of registered capital, location, staff and statutes before getting the operating license.

Currently, Cambodia has 27 commercial banks. Early last month, CIMB of Malaysia and Agribank of Vietnam have been approved in principle to open branch in Cambodia.

The Agribank of Vietnam may open its branch in Cambodia late this month and CIMB would open its branch in Phnom Penh at the end of this year.

Analysts said that new banks would bring Cambodia new capital, new high-technology to develop Cambodia economy; however, there will be tougher competition among the players as there are a lot of banks in the small extent of economy of Cambodia.

Bank of China is the most internationalized commercial bank in China, the bank said on its website. BOC London Branch, the first overseas branch of the Chinese banks, was established in 1929. From then on, the Bank successively opened branches in global financial centers, and has built up its network in 27 countries and regions. Currently, it had over 10,000 domestic operations and over 600 overseas operations, according to the website of BOC.[english.people.com, 2010]