Taipei,Sept.18,2012(CENS)--The Shanghai branch of the Bank of Taiwan was designated yesterday(September 17)as the clearance bank for the NT dollar in mainland China.The Shanghai branch of the Bank of Taiwan is scheduled to start NT-dollar clearance operation in late September or October,at the latest.
The Central Bank of China(CBC)announced yesterday that eight of the 10 qualified domestic banks bade for the status as the NT-dollar clearance bank in mainland China and Bank of Taiwan won out.
he selection was carried out by a"seven-person task force"of the CBC,headed by Yang Chin-lung,senior vice governor of the CBC,according to the principle of fairness,openness,and justice.Chairpersons of the eight qualified banks went to the CBC for interview the other day before members of the seven-person task force selected the Bank of Taiwan as the clearance bank for NT dollar in mainland China unanimously.
On the other hand,the Taipei branch of the Bank of China is expected to become the clearance bank of renminbi in Taiwan.According to the memorandum of understanding for cooperation in cross-Strait currency clearance,the cross-Strait currency clearance mechanism is scheduled to hit the road within 60 days,or the end of October.
The Bank of Taiwan plans to select one mainland Chinese bank as its agent bank and choose six to seven sites for conversion of renminbi into NT dollar,with every person capable of converting NT$60,000 each time.In addition to Shanghai,possible sites for NT-dollar conversion include Shenzhen,Chengdu,Chongqing,Tianjin,Nanjing,and Fujian,where there are more Taiwanese businesses or tourists traveling to Taiwan.