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China's yuan trade starts in Taiwan in sign of warmer ties

Published on Feb 6, 2013 12:57 PM
A Taiwan's Mega Bank staff counting Chinese yuan banknotes in Taipei on Wednesday. Taiwanese banks started allowing customers to open Chinese yuan accounts and remit funds to the mainland, officials said, in the latest sign of warming economic ties between the former rivals. -- PHOTO: AFP

TAIPEI (REUTERS) - Offshore yuan trade kicked off on Wednesday in Taiwan, which counts China as its largest export market, as part of moves by the Chinese government to internationalise the currency and smoothen economic ties with its one-time political foe.

Taiwan is a latecomer in developing offshore yuan business as such trade has been expanding in Hong Kong and London.

The Chinese yuan was quoted at 6.2145/6.2155 to the US dollar in Taiwan, in line with the rate in Hong Kong at 6.2135/6.2165. Onshore spot yuan stood at 6.2319 at midday.

"I'm very busy now as many clients are buying renminbi in the market. The trading is quite active in the morning since it is the first day," said a trader at a Taiwan bank.

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