China names BoC as yuan clearing bank in Taiwan

BEIJING Tue Dec 11, 2012 4:44am EST

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BEIJING Dec 11 (Reuters) - Bank of China , China's No. 4 bank, has been appointed the clearing bank for yuan transactions in Taiwan, China's central bank said in a brief statement posted on its website on Tuesday.

China and Taiwan signed an agreement on a clearing system for each other's currencies in September, starting the last leg of an economic integration that has drawn Taiwan closer to its one-time political foe and lifted trade to over $160 billion annually.

"According to the memorandum of cooperation on cross-strait currency clearing, after the assessment, the People's Bank of China decided to authorize the Bank of China, Taipei Branch, as the clearing bank of renminbi business in Taiwan," the central bank said. (Reporting by Kevin Yao and Koh Gui Qing; editign by Jonathan Standing)

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