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Travelers soon to be allowed to bring back Chinese yuan

Taiwanese returning from China will soon be allowed to carry up to 6,000 Chinese yuan in cash when entering the country, Vice Finance Minister Susan Chang (張秀蓮) told the legislature yesterday.

The government currently bans travelers from bringing Chinese yuan into Taiwan.

But amid the increasing civil and business exchanges across the Taiwan Strait, "the currency relaxation policy will be started as early as the year's end, pending legislative approval," Chang said.

Should revisions to the Statute Governing the Relations between the People of Taiwan Area and the Mainland Area (兩岸人民關係條例) be approved in the legislature, the policy will take effect immediately, Chang said.

As the nation's citizens are allowed to carry foreign currencies valued at US$10,000 in total in and out of the country, it's reasonable for the government to impose the same currency ceiling on Chinese currency, since Beijing allows its citizens to take with them a maximum of 6,000 yuan out of the country, she said.

A business organization welcomed the ministry's new policy yesterday.

"It will be convenient for cross-strait travelers who often have Chinese yuan in their possession after trips to China," said Rock Hsu (許勝雄), president of Taiwan Electrical and Electronic Manufacturers Association (電電公會).

But the most important impact will be for cross-strait remittances, Hsu said.

China has replaced the US as Taiwan's biggest export partner. But in lieu of a cross-strait currency exchange mechanism, most Taiwanese businesses have suffered great losses from changing among New Taiwan dollars, Chinese yuan and US dollars, Hsu said.

The vice minister attributed the failure to create a cross-strait remittance mechanism to the lack of an official currency agreement between Taipei and Beijing.
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