Central Banking

Taiwan upgrading payments tech in RMB push

taiwan-cb

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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