OREANDA-NEWS. February 21, 2013. Bank of China launched its cross-border RMB business in Taiwan, and Bank of China Taipei Branch officially offered services as a RMB clearing bank to participating banks, including RMB account opening, RMB clearing and settlement handling, purchase and sale of RMB, as well as RMB inter-bank lending, reported the press-centre of BOC.

At the meanwhile, BOC Jiangsu Branch, Guangdong Branch and Suzhou Branch took the initiative to make several outward remittances to Taipei Branch or transfer remittances to local or foreign banks in Taiwan via Taipei Branch, while BOC Shanghai Branch, Zhejiang Branch, Fujian Branch, Shenzhen Branch and Guangxi Branch took the lead in handling the first local business. Many domestic branches of BOC also issued multiple letters of credit in RMB with enterprises in Taiwan as the beneficiary.

Since the launch of RMB clearing pilot for cross-border trade in China in July 2009, BOC has given full play to its advantages in such aspects as clearing channel, client base, financial product, expertise and brand image and provided strong support for domestic and overseas enterprises to carry out cross-border RMB clearing businesses. In 2012, the cross-border RMB settlement amount of BOC reached RMB 2.46 trillion, with the market share remaining the first in the industry. By bringing its unique advantages as a clearing bank, correspondent bank for first class clearing, as well as overseas local clearing bank into full play, BOC provided efficient and convenient global RMB clearing service for financial institution clients.

On December 11, 2012, BOC Taipei Branch was authorized as the RMB clearing bank in Taiwan. Currently, a total of 46 banks have joined the RMB clearing system in Taiwan as participating banks. So far, BOC has opened over 900 cross-border RMB inter-bank current accounts for overseas participating banks, and has established a RMB clearing system worldwide, continuously leading the market.

The launch of RMB businesses in Taiwan marked an important progress of cooperation between Taiwan and China’s mainland on currency clearing. BOC will continue to give full play to its own advantages to provide clients cross the strait with diversified cross-border RMB products and services in a broader field, and will play its role as a main channel for cross-border RMB business so as to build itself into a world-class bank for trade and financial services.

Officially opened on June 27, 2012, BOC Taipei Branch became the first operational branch of a mainland commercial bank in Taiwan.