Taiwan’s push to become a renminbi hub appears to be bearing fruit.
Renminbi deposits held in Taiwan, including those of banks’ domestic banking units DBU and offshore banking units OBU, increased from Rmb1.3 billion to Rmb75.8 billion in six months, since renminbi business in Taiwan was officially launched.
The pace is so speedy that Taiwan - from early February - took only three months to have deposits of Rmb60 billion, compared to Hong Kong’s more than one year.
Meanwhile, Taiwan-based companies are increasingly making payments and collecting receipts through offshore renminbi accounts 24% of the companies are doing so, ahead of Asia Pacific’s...
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