Directions for Governing the Purchase or Sell of Renminbi Bills Conducted by Banking Enterprises Located in Kinmen and Matsu

Jump to the main content block

Laws and Regulations Database of the Central Bank of the Republic of China-Article Content

Article Content

Title：

Directions for Governing the Purchase or Sell of Renminbi Bills Conducted by Banking Enterprises Located in Kinmen and Matsu

Inactive Regulations

Amended Date： October 03, 2005

[Print]

[Print-NoSerialNumber]

(Conditions for approval)

1.

1. A banking enterprise located in Kinmen and Matsu approved by the Central Bank of the Republic of China (Taiwan) (“CBC”) to handle the purchase or sale of foreign currency banknotes and traveler’s checks may apply for CBC’s approval to engage in the trial operation of the purchase or sale of Renminbi bills pursuant to the Directions.

To apply, the head office of the banking enterprise as specified in the previous subparagraph shall submit a business plan describing the qualifications and experiences of its clerks dealing with or checking the Renminbi transactions as well as supporting documents regarding (1) the arrangement of renminbi bills coverage (2) the ability to identify genuine/counterfeit Renminbi bills and (3) the ability to manage the risk.

A banking enterprise located in Kinmen and Matsu approved by the CBC to handle the purchase or sale of Renminbi bills, after obtaining CBC’s approval, may delegate other related businesses or institutions to handle such purchase and sale.

(Qualifications of customers)

2.

2. Customers of the purchase or sale of Renminbi bills shall be limited to Taiwan Area and China Area residents traveling between Mainland China and Kinmen or Matsu as referred to in Articles 10, 10-1, 12 and 15 of the Regulations Governing the Trial Operation of Transportation Links between Kinmen/Matsu and the Mainland Area.

(Limit on transaction size)

3.

3. The amount of Renminbi bills purchased or sold for each arrival or departure of the customers shall not exceed the quota of carrying Renminbi cash in or out of the Taiwan Area imposed by the competent authority.

(Setting exchange rate)

4.

4. The exchange rate of Renminbi against NT dollars for the purchase or sale of Renminbi bills shall be determined by each banking enterprise, and shall be posted at its business premises.

(Counterparties of Renminbi coverage)

5.

5. Counterparties of Renminbi coverage shall be decided by each banking enterprise engaging in the purchase or sale of Renminbi bills.

(Daily report)

6.

6. The head office of a banking enterprise engaging in the purchase or sale of Renminbi bills shall, on a daily basis, after the close of business, complete and submit a Renminbi transaction report in the same format as the attached form to the CBC by electronic means.