Taiwan is seeking the removal of the daily yuan conversion cap in line with the government’s aim of turning the nation into the next regional offshore yuan market after Hong Kong, central bank Governor Perng Fai-nan (彭淮南) said yesterday.
“Chances are high for the easing to be introduced in Taiwan at the same time that it takes place in Hong Kong,” Perng told the legislature’s Finance Committee.
Hong Kong is due to ditch the daily conversion limit of 20,000 yuan (US$3,265) on Monday, when the Shanghai-Hong Kong exchange link goes into effect.
Photo: Chen Chih-chu, Taipei Times
CONVERSION CAP
Central bank officials are in active contact with their Chinese counterparts with a view to removing the regulatory barriers, Perng said.
Taiwan keeps a daily conversion cap of 20,000 yuan on residents and the planned relaxation shall not have a negative impact, the top monetary policymaker said.
Perng’s comments came one day after Hong Kong announced it would scrap the restriction.
Taiwan is working hard to develop the nation into the next offshore yuan hub in the region after Hong Kong, with Singapore, London and Sydney also pursuing the same goal.
FLEXIBILITY
The forthcoming liberalization would lend support to the yuan business, allowing Taiwanese greater flexibility in making yuan investments, Manulife Asset Management Co (宏利投信) said in a note.
Taiwanese would have access to a more diversified product suite of yuan-denominated investment tools, the fund house said.
Presently, local investors first need to go through the process of accumulating yuan, thereby limiting the development of yuan-investment products, it said.
Government data show that demand for yuan deposits has slowed over the past few months in Taiwan amid expectations of increased yuan volatility.
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