Taiwan to let banks do yuan trade
By Hu Xiaocen |
00:39 UTC+8 January 26, 2013
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Print Edition
Print Edition
TAIWAN will follow Hong Kong and Singapore as an offshore yuan center by allowing local banks to conduct yuan business.
Local banks in Taiwan can take deposits and extend loans in the yuan after establishing clearing accounts with the Bank of China's Taipei branch, Taiwan said yesterday in a statement.
The People's Bank of China said in a separate statement released yesterday: "Financial institutions on both sides of the Taiwan Strait will be able to conduct cross-border yuan business for clients, and in addition, they will be able to conduct yuan settlement business for clients through the clearing bank channels."
Individuals can buy or sell 20,000 yuan (US$3,213) daily in notes or through accounts. They are allowed to transfer a maximum of 80,000 yuan daily from Taiwan to Chinese mainland.
Taiwan said some banks may start the yuan business before the Spring Festival at the earliest, after the PBOC signed a clearing settlement deal with BOC's Taipei branch yesterday.
Local banks in Taiwan can take deposits and extend loans in the yuan after establishing clearing accounts with the Bank of China's Taipei branch, Taiwan said yesterday in a statement.
The People's Bank of China said in a separate statement released yesterday: "Financial institutions on both sides of the Taiwan Strait will be able to conduct cross-border yuan business for clients, and in addition, they will be able to conduct yuan settlement business for clients through the clearing bank channels."
Individuals can buy or sell 20,000 yuan (US$3,213) daily in notes or through accounts. They are allowed to transfer a maximum of 80,000 yuan daily from Taiwan to Chinese mainland.
Taiwan said some banks may start the yuan business before the Spring Festival at the earliest, after the PBOC signed a clearing settlement deal with BOC's Taipei branch yesterday.
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