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Video: PBOC branch proposes direct currency conversion

11-01-2012 09:25 BJT

Based on the agreed currency clearing agreement, the People's Bank of China's Nanjing Branch has proposed direct currency conversion between the Chinese mainland and Taiwan. It proposes to select Suzhou and Nantong, two cities in China’s eastern Jiangsu Province, to launch the trial program.

Trade between Suzhou and Taiwan takes up a large part of the province’s overseas trade, which means big demand for currency exchange for exporters in Jiangsu Province.

A deputy chief of PBOC’s Nanjing Branch says Suzhou may become a pricing center for currency clearing, as the city already has extensive exchange clearing operations in place.


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