BOC Promotes RMB Trade Settlement Business in Taiwan
OREANDA-NEWS. April 10, 2014. BOC Taipei Branch held a seminar on RMB trade settlement. Over 110 representatives from regulatory bodies, local and foreign-funded banks had discussions over further promoting the development of cross-straits RMB trade settlements and serving the real economy.
Since the opening up of the RMB business in February 2013, the RMB market in Taiwan has grown rapidly. As of the end of February 2014, 66 local designated banks for foreign exchange operations and 57 international offshore banking unit (OBU) branches launched the RMB business, with the balance of RMB deposits reaching up to RMB 240 billion.
Between January and March 2014, BOC Taipei Branch completed 50,000 RMB clearing deals in total, involving an aggregate amount of RMB900 billion. Since it launched the cross-straits RMB cash deposit and withdrawal services on January 20th, 2014, BOC Taipei Branch has signed contracts with 24 local peers, and the aggregate business volume amounted to RMB 800 million.