Taiwan to become third offshore RMB clearing and settlement centre

The third way


As with Taiwanese travellers to China, renminbi transactions will no longer need to stop in Hong Kong on their way to the mainland. A clearing mechanism between the RMB and NTD means that Taiwanese traders can directly settle their invoices through a clearing bank in Taiwan without going through Bank of China in Hong Kong. With 17.5 billion yuan ($3 billion) in deposits by the end of August, and the largest trade surplus with China, Taiwan fits the bill for the third offshore RMB clearing and