BOC to serve as renminbi clearing bank in Taiwan

The Taipei branch of Bank of China will serve as a clearing bank for renminbi transactions in Taiwan.

An appraisal process in accordance with a cross-Strait currency was conducted to determine the clearing bank.

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

Under the currency clearing memorandum between mainland and Taiwan, each side will 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.

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