Chinese yuan-denominated company expects to launch in Taiwan 6th February at the earliest
Taipei, Jan. 30 (CNA) The Central Bank of the Republic of China (Taiwan), said on Wednesday that the Chinese yuan-denominated company expects to launch in Taiwan 6th February at the earliest.
The schedule was for the central bank set a conference to brief banks operating in Taiwan to a cross-Taiwan Strait currency clearing mechanism and the rules yuan transactions.
More than 300 representatives of banks eagerly participated in the new company, including under Yuan deposits that carry themselves yuan lending and yuan remittances to the meeting, said the central bank.
The central bank said that the People's Bank of China, China's central bank, can an agreement with the Bank of China, Taipei branch, so they delete yuan-denominated business in Taiwan, local banks to sign agreements with the Bank of China Taipei branch accounts for currency clearing to start in a bid for yuan business.
The central bank said it is likely that the domestic banking units (dbus) by some Taiwanese banks 6th new business February inaugurate the earliest.
He said the preliminary matters Yaun transactions went smoothly and that the central bank could achieve its goal of new transactions before the 9 to 17 February Lunar New Year holiday started.
Taiwan and China singed a memorandum of understanding in late August, a currency clearing mechanism. Both sides have been gearing up for since the new business model.
In September, the Bank of Taiwan branch in Shanghai was ordered by the Taiwanese authorities as a clearing bank for Taiwan dollars in China. In December, the Bank of China Taipei office was called by the Chinese authorities as a clearing bank for yuan in Taiwan.
Before founding the currency clearing mechanism are only offshore banking units of banks in Taiwan allowed to carry out yuan-denominated transactions.
Standard Chartered Bank expects the yuan to more than 3 percent of the total bank deposits in Taiwan one year after launch yuan-denominated business.
The UK-based bank also assumes that the currency make up 10 percent of the total deposits of Taiwan by the end of 2015 and account for 30-35 percent of the total, even in the longer term.
(By Kao Chao-ing and Frances Huang)
ENDITEM / J
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The schedule was for the central bank set a conference to brief banks operating in Taiwan to a cross-Taiwan Strait currency clearing mechanism and the rules yuan transactions.
More than 300 representatives of banks eagerly participated in the new company, including under Yuan deposits that carry themselves yuan lending and yuan remittances to the meeting, said the central bank.
The central bank said that the People's Bank of China, China's central bank, can an agreement with the Bank of China, Taipei branch, so they delete yuan-denominated business in Taiwan, local banks to sign agreements with the Bank of China Taipei branch accounts for currency clearing to start in a bid for yuan business.
The central bank said it is likely that the domestic banking units (dbus) by some Taiwanese banks 6th new business February inaugurate the earliest.
He said the preliminary matters Yaun transactions went smoothly and that the central bank could achieve its goal of new transactions before the 9 to 17 February Lunar New Year holiday started.
Taiwan and China singed a memorandum of understanding in late August, a currency clearing mechanism. Both sides have been gearing up for since the new business model.
In September, the Bank of Taiwan branch in Shanghai was ordered by the Taiwanese authorities as a clearing bank for Taiwan dollars in China. In December, the Bank of China Taipei office was called by the Chinese authorities as a clearing bank for yuan in Taiwan.
Before founding the currency clearing mechanism are only offshore banking units of banks in Taiwan allowed to carry out yuan-denominated transactions.
Standard Chartered Bank expects the yuan to more than 3 percent of the total bank deposits in Taiwan one year after launch yuan-denominated business.
The UK-based bank also assumes that the currency make up 10 percent of the total deposits of Taiwan by the end of 2015 and account for 30-35 percent of the total, even in the longer term.
(By Kao Chao-ing and Frances Huang)
ENDITEM / J
