(22 January 2013 – Taiwan) Renminbi clearing could begin as soon as this week in Taiwan as its central bank finalises preparations.The Central Bank of the Republic of China is due to announce clearing details with China’s intermediary, the Bank of China’s Taipei branch, while Taiwanese banks anticipate a surge in deposits.
Taiwanese banks are eager to develop financial products for the wealth market.
The central bank will announce clearing operation details after signing a pact with the Bank of China (Taipei).
Bank of China (Taipei) is likely to imitate the Hong Kong model in which local lenders have access to the Shanghai market directly without routing through Hong Kong.