Taiwan to allow Chinese firms to sell yuan bonds this year: Paper

TAIPEI (REUTERS) - Taiwan will allow Chinese companies to issue yuan bonds by the end of this year, with China Development Bank (CDB) expected to issue the first such bonds, a local newspaper reported on Thursday, citing Taiwan's top financial regulator William Tseng.

CDB has received a quota to sell between 4 billion and 6 billion yuan in bonds, and the total amount for such bonds in Taiwan this year will exceed 10 billion yuan (S$2 billion), the Commercial Times added, citing unidentified sources.

The move is the latest sign that Taiwan is aiming to become an offshore yuan centre to tap the Chinese currency's globalisation.