Regulatory Alerts2005-10-03
Added · Updated
Directions for Governing the Purchase or Sell of Renminbi Bills Conducted by Banking Enterprises Located in Kinmen and Matsu
Banking enterprises in Kinmen and Matsu approved by the Central Bank of the Republic of China (Taiwan) to handle foreign currency transactions may apply for approval to engage in the trial operation of purchasing or selling Renminbi bills. Eligible customers are restricted to residents traveling between Mainland China and Kinmen or Matsu, with transaction amounts capped at the quota for carrying Renminbi cash into or out of the Taiwan Area. Each banking enterprise determines its own exchange rate, which must be posted at business premises, and selects its own counterparties for Renminbi coverage. The head office of each participating banking enterprise must submit a daily Renminbi transaction report to the Central Bank of the Republic of China (Taiwan) via electronic means after the close of business.
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