l Beijing recently took a key step forward in making Taipei the next Renminbi (RMB) offshore banking center. In fact, the People's Bank of China has just signed a designation pact with the Bank of China's Taipei branch to clear RMB-based transactions in Taiwan.
l This step would accelerate the establishment of cross-Strait currency clearing operations and allow Taiwanese people to make deposits and invest in RMB-denominated assets.
l According to Taiwan Central Bank officials, once the designation pact is signed between the two Chinese banks, RMB-denominated operations and services, including deposits, loans and remittances, can begin within a month. We expect these services to be operational in mid-February, after the 9-day Lunar New Year holiday.
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