Taiwan banks to handle Chinese yuanFebruary 5, 2013 @ 12:35 am
TAIPEI, Taiwan (AP) - Taiwanese banks are starting to allow their customers to make deposits, obtain loans, and buy bonds denominated in China's tightly controlled yuan, or renminbi _ another milestone in the ever tightening economic relations between the former rivals.
The new regulations go into effect Wednesday, and follow a currency clearing agreement signed in August. They appear aimed at leveraging Taiwan's $150 billion annual trade with the mainland as a platform to help transform the island into an offshore trading center for the yuan, similar to Hong Kong.
Similar currency regulations go into effect in China later this month.
Taiwan and China split amid civil war in 1949. They have pledged to foster financial cooperation amid their rapidly improving political and economic relations.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
What We Learned
Despite beating the 49ers, Danny O'Neil says there are still three questions
Find Christmas trees, Santa photos, and lights on the MyNorthwest Holiday Map
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.