On January 25th, People's Bank of China and Bank of China Taipei Branch signed the Agreement on RMB Clearing Business. According to the Clearing Agreement, the central bank authorizes BOC Taipei Branch as the RMB clearing bank in Taiwan so that to offer RMB settlement and clearing services for participating banks.
In accordance with the demand of RMB clearing business, the branch has been fully prepared in terms of staff, system, products and process. In the next step, it will complete all necessary procedures needed, help the responsible authorities in Taiwan hold a briefing to introduce RMB clearing business and sign agreements with participating banks. After that, the branch will open accounts for those banks and provide RMB clearing service as soon as possible.
BOC Taipei Branch will give full play to BOC’s advantages in cross-border RMB business and offer fair, timely, accurate and professional RMB settlement and clearing services.
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