Regulatory Alerts2016-09-20
Added · Updated
Directions for Issuance of Foreign-currency Denominated Negotiable Certificate of Deposit by Banks
Banks must issue foreign-currency negotiable certificates of deposit with par values of 100,000 USD, 100,000 Euros, 100,000 AUD, 500,000 Renminbi, or 10 million JPY, or integral multiples thereof, with terms ranging from one week to one year. Issuance requires an annual plan approved by the Central Bank of the Republic of China (Taiwan), with unused quotas invalidating after one year, and transactions must be settled on a delivery versus payment basis through designated institutions. Banks must retain raised funds in the denominated currency, set aside required reserves, and establish internal operating rules compliant with these directions.
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