Free exchange of the NT dollar and the yuan is expected to kick off in Taiwan today — a relaxation of policy in line with the imminent opening to Chinese tourists and direct cross-strait weekend charter flights, banking sources said yesterday.
Local banking institutions and foreign currency exchange outlets will be allowed to apply for the permission to handle exchanges between the NT dollar and the yuan from today, a package of regulations passed by the Executive Yuan said.
The central bank was screening applications yesterday filed by 13 banks, which operate 1,500 branches nationwide for the yuan-NT exchanges.
PHOTO: YAO CHIEH-HSIU, TAIPEI TiMES
“The first batch of permits are expected to be issued Monday at the earliest,” a central bank official said on Saturday.
The central bank could not guarantee a sufficient supply of yuan for customers in Taiwan in the initial stage, as China’s monetary authority has not promised to provide Taiwan with yuan regularly or sufficiently, the official said.
Taiwanese and foreign visitors can carry out exchanges valued at up to 20,000 yuan per person per day, the official said.
Initially, currency exchange outlets, such as those in hotels, souvenir shops and airports, will only be able to buy yuan from customers, but will not be allowed to sell it, he said.
The new service is aimed at meeting the expected demand from Chinese tourists expected to flood in after Taiwan and China signed agreements on June 13 for the opening of Taiwan to increased numbers of Chinese tourists.
In the long run, the government will continue talks with the Chinese authorities through its Straits Exchange Foundation on the issue of building a cross-strait currency clearance mechanism to “normalize and systemize” the clearance of Taiwanese and Chinese currencies, the central bank official said.
Taiwan is scheduled to launch the weekend flights between Taiwan and China on Friday, marking a historic chapter in cross-strait relations.
At present, a maximum of 1,000 Chinese tourists are allowed to visit Taiwan each day, but the number will be raised to 3,000 after Friday, and eventually to 10,000 per day.
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