Renminbi trading in Taiwan gets a big start
(20 March 2013 – Taiwan) Renminbi deposits in Taiwan’s 53 domestic banks has reached US$2.08 billion (A$2.0 billion), despite trading only starting from February.
The Bank of Taiwan, the central bank, said Taiwan’s banks have been conducting renminbi-denominated business including deposits, loans and remittances that were allowed after the establishment of a currency clearing mechanism across the Taiwan Strait.
The central bank reported that from 6 February to 11 March, renminbi remittances at overseas banking units totalled US$63 million from 4181 transactions. On March 11, the cross-border clearing amount for the renminbi came to US$72 million.
Before the implementation of the cross-strait clearing system, only offshore banking units of the local banking sector were allowed to engage in renminbi-denominated business.
Last August, Taiwan and China signed a memorandum of understanding to set up a currency clearing mechanism across the Taiwan Strait, a move that resulted in renminbi transactions at Taiwanese DBUs.
The central bank reported that from 6 February to 11 March, renminbi remittances at overseas banking units totalled US$63 million from 4181 transactions. On March 11, the cross-border clearing amount for the renminbi came to US$72 million.
Before the implementation of the cross-strait clearing system, only offshore banking units of the local banking sector were allowed to engage in renminbi-denominated business.
Last August, Taiwan and China signed a memorandum of understanding to set up a currency clearing mechanism across the Taiwan Strait, a move that resulted in renminbi transactions at Taiwanese DBUs.
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