Approved foreign exchange business in January 2013
PRESS RELEASE Release Date: February 20 , 2013
Approved foreign exchange business in January 2013
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. The Shanghai branch of the Bank of Taiwan designated as the NTD clearing bank in Mainland.
2. The Taipei branch of the Bank of China designated as the Renminbi settlement and clearing bank in Taiwan.
3. To start Renminbi business, the Bank amended and promulgated the “Regulations Governing Foreign Exchange Business of Banking Enterprises” and informed authorized banks of the regulations with respect to the offsetting of Renminbi positions related to cross-border trade and the purchase or sale of Renminbi by individuals through accounts held at the RMB clearing bank in Taiwan and the scope of approved RMB derivatives business.
4. 23 branches of 7 banking enterprises to operate foreign exchange business. As of the end of January 2013, there were 3,271 authorized foreign exchange banks, including 3,220 domestic banks, 2 Mainland banks and 49 foreign banks.