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Video: Backgrounder: Cross-Strait currency exchange and clearing

11-01-2012 09:34 BJT

There has been a lot of progress made in terms of currency exchange, settlement and clearing between the Chinese Mainland and Taiwan throughout the past decade and beyond, let’s review some of these major milestones.

1998-------Bank of China launches service for converting New Taiwan dollar to Renminbi in Xiamen and Fuzhou.

Mar. 2004-------Taiwan authorities allow residents to carry up to 6,000 RMB to the island.

Oct. 2005--------Trial exchange sites open in Kinmen and Matsu.

Jun. 2008---------Taiwan authorities allow RMB exchange across the island.

Nov. 2009------- Hong Kong branches of Taiwan banks permitted to conduct RMB business.

2010-----Several Chinese mainland banks launch New Taiwan dollar exchange services.

Bank of China provides RMB to Taiwan banks via its Hong Kong branch.

Jun. 2012------- Bank of China opens its Taipei branch.

Jul. 2012------- Bank of Taiwan opens its Shanghai branch

Aug. 2012-------The Chinese mainland and Taiwan sign a memorandum on currency clearing.


Editor:James |Source:

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