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