February 5, 2013 / 8:31 AM / 5 years ago

45 banks in Taiwan will start yuan business on Wed -cbank

TAIPEI, Feb 5 (Reuters) - Taiwan’s central bank said on Tuesday that 45 banks on the island will be allowed to conduct yuan business starting on Wednesday, furthering the internationalisation of the Chinese currency.

China’s central bank and Bank of China’s Taipei branch signed a clearing settlement agreement late in January, completing the last step to prepare for yuan transactions in Taiwan to begin.

Taiwan’s central bank had said it would allow local banks to start yuan business ahead of the start of Lunar New Year. (Reporting by Lin Miao-jung)

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