On January 20, Bank of China officially launched the cross-strait RMB cash distribution and collection & payment services. The first batch of RMB cash was transported directly to Taiwan from Xiamen port and distributed to the Taiwan RMB participating banks.
These are the new services provided by Bank of China Taipei Branch as the local RMB clearing bank to the participating banks. BOC Taipei Branch and Xiamen Branch will directly deal with RMB cash distribution, and establish direct channels for the supply and collection of RMB cash across the Taiwan Strait. The participating bank can directly deposit and withdraw RMB cash through their clearing accounts opened in Taipei Branch, without exchange through other currencies, which reduces the exchange costs and risks of participating banks, as well as the cash collection & payment expenses in Taiwan's RMB market, providing new service options to the local RMB cash market, and will facilitate further development of the RMB business in Taiwan.
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