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Domestic Banks Will Be Able to Inaugurate Renminbi-Related Businesses

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Core prompt: Taipei, Oct. 30, 2012 (CENS)--With the memorandum for cooperation in cross-Taiwan Strait currency clearance having taken effect, domestic banks will be able to inaugurate renm

Taipei, Oct. 30, 2012 (CENS)--With the memorandum for cooperation in cross-Taiwan Strait currency clearance having taken effect, domestic banks will be able to inaugurate renminbi-related businesses following the designation of renminbi clearance bank by mainland China and renminbi-related wealth-management services will be available to local people at the end of November, at the earliest, said Perng Fai-nan, governor of the Central Bank of China (CBC) yesterday (Oct. 29).

Perng noted that renminbi will be included in the coverage of the Statute for Foreign Exchange Management, with status similar to the U.S. dollar, and therefore, domestic banks can launch all foreign-exchange businesses for renminbi, unless mainland China has other restrictions.

Following the inauguration of the renminbi-clearance bank, domestic banks will be able to initiate such services as renminbi deposits and remittance, which will be available to both Taiwanese residents and non-residents.

Perng hoped that People's Bank of China can designate renminbi clearance bank as soon as possible, in order to materialize cross-Strait currency clearance mechanism. Insiders said that mainland China may designate the renminbi clearance bank only after the 18th National Congress of the Chinese Communist Party, which will take place on Nov. 8. 

The memorandum for cooperation in cross-Strait currency clearance has completed the legal process and taken effect, following the signing of the memorandum on Aug. 31, the approval of the Executive Yuan (the Cabinet) on Sept. 6, and the agreement of the Legislative Yuan on Oct. 5. The CBC designated Bank of Taiwan as the NT dollar clearance bank in mainland China on Sept. 17 and is waiting for mainland China to designate renminbi clearance bank. At present, the Taipei branch of the Bank of China is the most likely candidate.

(by Philip Liu)

 
 
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