News

Taiwan considering use of local ATM cards in China

August 15, 2012

Taiwanese visitors to China may soon be able to use ATM cards issued at home to withdraw Chinese yuan from cash machines on the mainland.

The proposal is currently under consideration by the Financial Supervisory Commission, Focus Taiwan reported. FSC vice chairwoman Lee Jih-chu said the commission was in talks with the Chinese government to work out a currency settlement plan to facilitate the flow of funds.

Lee told Focus Taiwan that a cross-strait currency settlement could create "tremendous" opportunities for banks that operate in both Taiwan and China.

Taiwan is hoping to raise the prestige and visibility of its banking sector by establishing itself as a major distribution point for Chinese yuan, as Hong Kong has done, the article said.

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