Bank of Taiwan braces for clearing bank role

Bank of Taiwan is working to get the central bank's permission to become a clearing bank under the cross-strait currency clearing system.

Liu Teng-cheng, the new chairman of Taiwan Financial Holdings, said Bank of Taiwan is ready to perform iin this new capacity.

He also said The bank's Shanghai branch became operational on July 10.

“At this point the Shanghai branch is not able to handle renminbi-related business, just like any other new branches set up by Taiwan banks on the other side of the strait, due to current regulations,” he said.

“Yet, once the cross-strait currency clearing system is in place, Bank of Taiwan is confident in its ability to be a clearing bank,” he added.

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