Select a page

Banking News

Renminbi trading in Taiwan gets a big start

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.
East & Partners's avatar

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.