July 14, 2014 / 7:21 AM / in 4 years

Taiwan plans to let Chinese tourists buy yuan financial products - paper

TAIPEI, July 14 (Reuters) - Taiwan financial regulators are planning to allow Chinese tourists to buy yuan financial products when they travel to the island, a newspaper reported on Monday, in the lateest sign of warming ties across the Taiwan Straits.

Mainland tourists will be allowed to trade derivatives, mutual funds and insurance products linked to the Chinese currency, boding well for the Taiwan financial sector’s ambitions to compete with that of Hong Kong and Sinagapore, the Commercial Times said, citing unidentified sources.

Officials of Taiwan’s Financial Supervisory Commission (FSC) could not be reached for comments.

Business ties between the former political foes have gathered steam since President Ma Ying-jeou took office in 2008. Taiwan allowed local banks to conduct business in yuan last year, and the FSC is aiming to meet its Chinese counterparts later in 2014 for the fourth time. (Reporting by Faith Hung; Editing by Kim Coghill)

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