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May 28, 2017

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Central Bank starts offshore CNT Taibor with HK prices

TAIPEI, Taiwan -- The Central Bank launched an offshore yuan Taiwan Interbank Offer Rate benchmark (CNT Taibor) on Monday, with US$1 against 6.1473 yuan, in line with the price in Hong Kong.

The move by the Central Bank (中央銀行), part of its efforts to develop Taiwan into an offshore yuan business hub, has placed the island as the third market in the world that provides a reference spot rate for yuan-U.S. dollar conversion, after Shanghai and Hong Kong.

During the first trading session yesterday, US$1 to CNT — yuan loaned in Taiwan — saw 1:6.1473, in line with the pricing of CNH — yuan loaned in Hong Kong — and a 0.33-percent rise against CNY — yuan loaned on onshore market in mainland China.

This result shows that businesses operating in Taiwan can get yuan at an equally good price in Hong Kong, according to United Evening News.

An analyst with ANZ Group told local media that, since Taiwan's offshore yuan market is just a little over one year old, Taiwan has yet to build a vibrant market between banks. As such, the pricing in Hong Kong's CNH market naturally becomes a major point of reference. Additionally, the ANZ analyst said, the fact that many banks have their offshore yuan trading desks in Hong Kong will continue to make it that CNT follows CNH.

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