Taiwan to become third offshore RMB clearing and settlement centre
Taipei is set to become a local hub for RMB settlement and trading, following Hong Kong and Macau. However, hurdles remain in the development of a liquid offshore RMB funding and interbank market
As with Taiwanese travellers to China, renminbi transactions will no longer need to stop in Hong Kong on their way to the mainland. A clearing mechanism between the RMB and NTD means that Taiwanese traders can directly settle their invoices through a clearing bank in Taiwan without going through Bank of China in Hong Kong.
With 17.5 billion yuan ($3 billion) in deposits by the end of August, and the largest trade surplus with China, Taiwan fits the bill for the third offshore RMB clearing and
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