Taiwan becomes the 4th largest yuan offshore center

By | March 28, 2013

Taiwan becomes the 4th largest yuan offshore center

March 27, the latest data released by the SWIFT shows that RMB payments in Taiwan in the past six months has increased by 120%, assisting Taiwan to surpass the United States and Australia to become the fourth largest offshore center for yuan among the 136 global countries and regions dealing with RMB payment business (excluding Mainland and Hong Kong) , but still there is a great distance between Taiwan and other top countries and regions such as United Kingdom, Singapore according to the report.

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SWIFT Global RMB Business Director Lisa O’Connor said: “We always pay close attention to the development of RMB payment in Taiwan with the increased direct cross-strait economic activities, thus the increase of RMB payment does not surprise us at all. Taiwan local enterprises had been authorized to issue RMB bonds since February. The Bank of China, Taipei Branch was designated as the RMB clearing bank, while the Taiwan Stock Exchange also expressed interest in the issue of offshore renminbi products, these positive developments are driving the RMB payment to further growth in Taiwan.”

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