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Taiwan OKs Yuan Trading For Offshore Banks
Taiwan’s Financial Supervisory Committee has permitted offshore units and overseas branches of Taiwanese banks to conduct business in yuan.
Taiwan’sFinancial Supervisory Committeehas permitted offshore units and overseas branches of Taiwanese banks to conduct business in yuan,The Wall Street Journalreports. Taiwan and China currently permit yuan settlement in cash only, addsReuters.
The regulator will permit banks to deal with wire transfers, loans and deposits denominated in yuan. The move is subjected to approval from the cabinet.
Click here for the story fromThe Wall Street Journal.
Click here for additional coverage fromReuters.