Taiwan is planning to become a trading centre for the Chinese currency, The Hindu Business Line reports. Currently, Hong Kong is the only offshore trading centre for the yuan.
Taiwan has approved offshore banking units and overseas branches of Taiwanese banks to conduct business in yuan as more Taiwanese companies operating in China ask for trade settlements in yuan. China’s central bank started trials for cross-border trade settlements with the yuan in July 2009.
Click here for the story from The Hindu Business Line.