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4 Taiwan banks allowed to offer yuan business to Taiwan firms
By Louise Ho |
April 11, 2012, Wednesday
|
Online Edition
Online Edition
CHINATRUST Commercial Bank plans to offer yuan business for Taiwan companies in the Chinese mainland next year, said Charles Lo, chief executive officer of the bank's parent company Chinatrust Financial Holding, as the Taiwan bank opened its Shanghai branch today.
Taiwan banks can offer foreign exchange services for Taiwan companies in the mainland. If Taiwan banks want to launch yuan business for Taiwan companies they need to apply for a license from mainland authorities after operating in the mainland for one year and reporting profits.
Four Taiwan banks received approval from the mainland on yuan business last week.
Currently Taiwan banks are not allowed to offer yuan business to mainland companies.
"I hope the Economic Cooperation Framework Agreement (ECFA) can be expanded to widen the scope of services that Taiwan banks can provide," said Lo.
ECFA has promoted cross-strait financial cooperation and exchanges since the business agreement came into effect in September 2010.
"Taiwan businesses are most concerned about financing and expanding their business in the mainland," said Chiang Pin-kung, chairman of Taiwan's Straits Exchange Foundation, at the opening ceremony.
Chinatrust is the seventh Taiwan bank to open a branch on the mainland.
Taiwan banks can offer foreign exchange services for Taiwan companies in the mainland. If Taiwan banks want to launch yuan business for Taiwan companies they need to apply for a license from mainland authorities after operating in the mainland for one year and reporting profits.
Four Taiwan banks received approval from the mainland on yuan business last week.
Currently Taiwan banks are not allowed to offer yuan business to mainland companies.
"I hope the Economic Cooperation Framework Agreement (ECFA) can be expanded to widen the scope of services that Taiwan banks can provide," said Lo.
ECFA has promoted cross-strait financial cooperation and exchanges since the business agreement came into effect in September 2010.
"Taiwan businesses are most concerned about financing and expanding their business in the mainland," said Chiang Pin-kung, chairman of Taiwan's Straits Exchange Foundation, at the opening ceremony.
Chinatrust is the seventh Taiwan bank to open a branch on the mainland.
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