Latest News:  
Beijing   Sunny/Cloudy    13 / 1 ℃  City Forecast

English>>Business

Bank of China branch designated as RMB clearing bank in Taiwan

(Xinhua)

08:40, December 12, 2012

BEIJING, Dec. 11 (Xinhua) -- Bank of China's Taipei branch has been designated as the clearing bank for renminbi (RMB) transactions in Taiwan, the mainland-based People's Bank of China announced here Tuesday.

The decision was made after a relevant appraisal process and in accordance with a cross-Strait currency clearing memorandum, according to the People's Bank of China.

The mainland and Taiwan signed a currency clearing memorandum on Aug. 31, paving the way for a cross-Strait currency clearing mechanism.

Under the memorandum, the two sides will each designate a clearing bank to carry out currency settlements and liquidations for the other side. The clearing banks will be able to handle cash exchanges of currencies from the two sides.

Taiwan's monetary authorities in September designated Bank of Taiwan's Shanghai branch as the clearing bank to handle New Taiwan dollar transactions on the mainland.

The memorandum was hailed as "another important step for cross-Strait financial cooperation" by people from both sides of the Taiwan Strait.

We recommend:

'Boeing Dreamliner riddled with errors

HK tops China City Competitiveness Ranking

China's electric rail mileage ranked world's first

10th China Int'l Automobile Exhibition concludes

Harbin-Dalian high-speed railway starts operation

New wave of communication tools

Alibaba's 2012 transaction volume hits 1 trln yuan

China's savings rate world's highest

iPhone 5 launch event held in Seoul, S. Korea

Email|Print|Comments(Editor:马茜、梁军)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. China's WZ-10 armed copters in training

  2. PLA recruits to join army units

  3. Unforgettable moments you cannot miss

  4. Fantastic undersea world in Indonesia

  5. Cumquat market in S China's Guangxi

  6. Apple may launch iPhone 5S in mid-2013

  7. 2013's holiday dates cause upset for some

  8. Carrefour store accused of pricing fraud

Most Popular

Opinions

  1. Cultivating a natural lifestyle at Green City
  2. ASEAN economies poised to keep robust growth
  3. Translation industry needs legislation and regulation
  4. Mo mania's impact on Chinese writing
  5. Turning point in China's economy growth at hand
  6. Long way for CNOOC after Nexen takeover approval
  7. More translations needed for Chinese literature
  8. Commentary: Western powers should drop bias
  9. Stock market needs regulation, not promotion
  10. BRICS economies are not fading

What’s happening in China

Cumquat market in S China's Guangxi

  1. 'Smiling rainbow' brightens city sky
  2. China to protect 1,000 minority villages
  3. Building catches fire in Shanghai's Pudong
  4. Computerized welfare lottery sales hit 100 bln RMB
  5. Foreigners asked to retrace Long March