Taiwan Allows Yuan Trading, Pending Formal Agreement – Perris Lee

From The Wall Street Journal:

Taiwan will allow foreign-currency transactions on the island involving its currency and China’s yuan on a trial basis, until both sides sign a formal agreement on such exchanges, President Chen Shui-bian said on the Presidential Office’s Web site.

He said the trial is necessary because Taiwan is likely to allow Chinese tourists to visit the island later this year. Last week, Taiwan central bank Gov. Perng Fai-nan told lawmakers and reporters the bank is prepared for the yuan to be traded on the island.

The president said the trial won’t be broad based, and will be bound by certain limitations, without elaborating. He didn’t say when the trial would begin.[Full Text]

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