Taiwan banks to handle Chinese yuan
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[February 05, 2013]
TAIPEI, Taiwan (AP)
Taiwanese banks are starting to allow their customers to make deposits, obtain loans, and buy bonds denominated in China's tightly controlled yuan, or renminbi
-- another milestone in the ever tightening economic relations between the former rivals.
The new regulations go into effect Wednesday, and follow a currency clearing agreement signed in August. They appear aimed at leveraging Taiwan's $150 billion annual trade with the mainland as a platform to help transform the island into an offshore trading center for the yuan, similar to Hong Kong.