Source: CCTV.com

07-01-2008 11:21

Special Report:   Mainland Tourist Taiwan Travel

Taiwan banks are now able to exchange renminbi to help prepare for the arrival of Chinese mainland tourists and to assist cross-strait trade. 13 Taiwan banks and their 1500 branches can now buy and sell renminbi.

Staff members pose for the media with Chinese yuan notes at the Bank of Taiwan head office in Taipei June 30, 2008. Taiwan allowed its banks to trade in the Chinese yuan (renminbi)  currency on Monday, to prepare for the arrival of Chinese  tourists on July 4. The Chinese bank notes will also be available at foreign-currency trading counters at tourist hotels, airports and gift stores.REUTERS/Nicky Loh (TAIWAN)

The 13 Taiwan banks include Chinatrust, Cathay United Bank, the Land Bank of Taiwan, Mega International Commercial Bank and the Bank of Taiwan. As of Monday, Taiwan residents and mainland tourists, holding valid IDs and passports, can make renminbi transactions.

There is no limit to the number of transactions. But each transaction is limited to 20,000 yuan.

The Taiwan financial authority hasn't set a uniform exchange rate for the New Taiwan dollar against the yuan yet. So local banks say they'll set the rate themselves.

Peng Youlun, Senior Manager of Captain United Bank said "We will set a competitive exchange rate based on both the cost and the rate set by other banks. We are happy to provide services that can meet the demands of the people."

Also included in the renminbi plan are more than 40 of the island's hotels and 15 department stores.

Previously, the New Taiwan dollar and the renminbi were not exchangeable through official channels. In mid-June, the mainland and Taiwan signed a landmark deal, permitting regular, non-stop weekend charter flights between the two sides and letting mainland tour groups visit the island.

That influx is expected to create big, new demand for Taiwan dollars. Taiwan authorities say current transaction limits may be lifted in the future.

 

Editor:Xiong Qu