TAIPEI, Taiwan (AP) — Taiwanese banks are starting to allow their customers to make deposits, obtain loans, and buy bonds denominated in China's tightly controlled yuan, or renminbi — another milestone in the ever tightening economic relations between the former rivals.
The new regulations go into effect Wednesday, and follow a currency clearing agreement signed in August. They appear aimed at leveraging Taiwan's $150 billion annual trade with the mainland as a platform to help transform the island into an offshore trading center for the yuan, similar to Hong Kong.
Similar currency regulations go into effect in China later this month.
Taiwan and China split amid civil war in 1949. They have pledged to foster financial cooperation amid their rapidly improving political and economic relations.
'More playful than anything': #BlackFair participant puts 'Pigs in a blanket' chant 'in context'
Nick Adams - Not a Single Illegal Immigrant in 7 Months... In Australia
Apparently “cops’ lives matter” is now an insult - Hot Air
President Obama, Commute Sharanda Jones' Sentence | RedState
10mm Underwood Extreme Penetrators Vs Bulletproof Glass - Bearing Arms - 10mm, Underwood, Video
Katie Pavlich - WATCH: Sheriff David Clarke Takes on Cop Killer Advocate on CNN
Showdown in Jackson Hole: The Fed Challenged on its Own Turf in Wyoming by Group Likely to Finally Start Dismantling It | Human Events