Taiwan launches reference rates for offshore yuan market

TAIPEI Thu Aug 28, 2014 4:51am EDT

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TAIPEI Aug 28 (Reuters) - Taiwan's central bank said on Thursday the benchmark fixing rates for offshore yuan on the island will be set daily from Monday, Sept. 1.

The move marks another step for Taiwan toward becoming a competitive offshore yuan center. Taiwan's yuan deposits have been increasing and the island records a trade surplus with China namely because many export-oriented Taiwan companies operate manufacturing plants on the mainland.

Thomson Reuters is the official calculating agent for this industry interest rate benchmark and the fixing.

The fixing will be published at 0315 GMT (11:15 a.m. local time) every trading day in Taiwan and based on contributions from 15 regional and global banks, according to a statement from Thomson Reuters.

(Reporting By J.R. Wu; Editing by Jacqueline Wong)

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