Local banks to begin RMB trade by Feb. 6 at earliest

The monetary authority made the remarks during a joint briefing with the Taipei branch of Bank of China, which was designated as the renminbi clearing bank in Taiwan earlier this week. The briefing was attended by some 300 representatives from 68 local banks.

According to the central bank, local banks may now sign their own renminbi clearing agreements with Bank of China's Taipei branch. Once that is done, local banks may begin their renminbi business.

The offering of renminbi products, such as savings accounts, may happen on Feb. 6 at the earliest, before the Chinese New Year break, which begins on Feb. 9, the central bank said.

The long-awaited regulatory approval was embraced by local banks, many of which have announced promotional offers to lure customers.

The Shanghai Commercial and Savings Bank (SCSB), for example, has announced it will offer renminbi savings and time-deposit accounts that accrue interest on minimum balances of just 1 yuan and 500 yuan, respectively.

“Here at SCSB and our 68 branches, we're all ready to offer renminbi-related products,” the bank said.

Quasi-state banks, such as the Bank of Taiwan, the Land Bank of Taiwan and the Taiwan Cooperative Bank, have higher thresholds for interest accruement. The Land Bank of Taiwan, for example, offers interest on savings and time-deposit accounts with minimum balances of 500 yuan and 5,000 yuan, respectively.

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