Chunghwa Post to push for RMB deposit services

Lee said that since Taiwan's financial ties with the mainland have strengthened, it is necessary to expand Chunghwa Post's business by accepting Renminbi (RMB) deposits.

Lee added that she visited Central Bank Governor Perng Fai-nan (彭淮南) recently and that Perng supported the idea.

Lee said that she will propose relevant plans within this week.

The chairwoman explained that Chunghwa Post is a special firm which is under the dual pressures of carrying out governmental policies and retaining a competitive edge.

Chunghwa Post has more than 1300 branches and handles more than 30 million accounts in Taiwan, Lee said, adding, however, that under current laws, there are restrictions against postal, deposit and exchange services. Lee said that she will work on loosening those restrictions and expanding the firm's operations.

Over the past several years, Chunghwa Post has proposed amending the Postal Savings and Remittances Act and the Simple Life Insurance Act to loosen restrictions, Lee said, adding that draft amendments, however, were sent back by the Financial Supervisory Commission.

Lee said that the deposits of the company belong to the people and will be handled cautiously.

Yeh Kuang-shih (葉匡時), minister of Transportation and Communications, said Chunghwa Post's total deposit has reached more than NT$5 trillion, thus it is essential to utilize the funds effectively.

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