Central Banking

Taiwan upgrading payments tech in RMB push


The Central Bank of the Republic of China (Taiwan) is expanding its new foreign currency clearing system in an attempt to corner a greater share of the offshore renminbi market.

The percentage of global trade settlements in the Chinese currency increased from 2% in 2010 to 10% in 2012, and Taiwan is one of a group of countries – led by Hong Kong – seeking to attract some of the new business.

Ching-Long Yang, a deputy governor at Taiwan's central bank, explained that the country's foreign

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