Taiwan needs currency clearing system with China

Taiwan needs currency clearing system with China
Tags: Asia, Australia & Pacific, Bank / Credit Union, Transaction Processing
March 12, 2009

Reuters: Taiwan has announced a new clearing system between Taiwanese and Chinese currencies that must be set up before Taiwan allows mainland tourists to use their China Unionpay ATM cards in the country. Chairman Sean Chen of Taiwan's Financial Supervisory Commission told legislators the Mainland Affairs Council, which orchestrates the island's China policy, will have to decide when the system will be in place. The new clearing system between Taiwan and China is part of wider efforts to expand tourism with China to boost Taiwan's sagging economy.

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