China Watch Blog has learnt that the arrangement for the exchange, supply and repatriation of renminbi cashnotes with Taiwan will be conducted, with the Hong Kong Renminbi Clearing Bank as the intermediary, through the renminbi platform in Hong Kong.
The Hong Kong Monetary Authority says the Renminbi Clearing Bank in Hong Kong will provide renminbi cashnote exchange and related services to the Hong Kong branches of eligible Taiwan commercial banks as determined by Taiwan.
These commercial banks’ Taiwan head offices will provide renminbi cashnote exchange services to other authorised financial institutions in Taiwan, for the purpose of serving personal customers locally.
To facilitate the operations, the People’s Bank of China and the Monetary Authority have signed a memorandum of cooperation. The Renminbi Clearing Bank in Hong Kong will also sign a settlement agreement with the Hong Kong branch of the relevant commercial banks soon.
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