Block on bringing yuan into the country relaxed

The government yesterday formally lifted a ban that prevented Taiwanese people from bringing Chinese yuan into the country, amid increasing civic and business exchanges across the Taiwan Strait.

"Beginning March 1, tourists and businesspeople returning from China will be allowed to carry up to 6,000 Chinese yuan in cash when entering the country," the Bureau of Monetary Affairs under the Ministry of Finance said in a written statement.

Amounts more than 6,000 yuan will have to be deposited with customs and claimed later, the statement said.

Increasing exchanges caused the ministry to begin formulating a relaxation of the policy last December.

Vice Finance Minister Susan Chang (張秀蓮) said that the ceiling of 6,000 Chinese yuan was imposed in accordance with Beijing's allowing its citizens to take a maximum of 6,000 yuan out of the country.

Although the business community welcomes the government's move to relax cross-strait currency policy, it is of great importance to many businesspeople that a cross-strait currency exchange mechanism be facilitated soon.

Currently, the yuan may not be traded or exchanged in Taiwan.

Businesspeople in China have argued they have suffered from having to trade among three currencies -- NT dollars, Chinese yuan and US dollars.