Central bank Deputy Governor Yang Chin-lung (楊金龍) yesterday urged domestic financial institutions to develop more yuan-based products to help the nation develop into an offshore yuan trading center.
“Now is the best time to expand the market of Formosa bonds (寶島債) and develop multiple yuan-based financial products,” Yang said during a launch ceremony for Clearstream International — one of Europe’s biggest clearers and settlers of securities trades — opening an account at Taiwan Depository and Clearing Corp (台灣集中保管結算所).
Taiwan has seen some positive effects in developing offshore yuan businesses, after domestic banks started to accept deposits and make loans in yuan in February last year, Yang said.
Yuan deposits in the domestic banking system reached 268.39 billion yuan (US$43.14 billion) at the end of last month — 211.86 billion in domestic banks and 56.53 billion in offshore banking units, central bank data showed.
As the funding pool of yuan increases substantially, Yang said it is a good opportunity to develop multiple yuan products.
Local financial institutions have been developing new products in derivatives, insurance and funds, with a total amount of 12.1 billion yuan invested in 15 Formosa bonds already issued, he said.
Taiwan must also renovate its financial market infrastructure and establish a clearing platform for foreign currencies, he added.
RECYCLE: Taiwan would aid manufacturers in refining rare earths from discarded appliances, which would fit the nation’s circular economy goals, minister Kung said Taiwan would work with the US and Japan on a proposed cooperation initiative in response to Beijing’s newly announced rare earth export curbs, Minister of Economic Affairs Kung Ming-hsin (龔明鑫) said yesterday. China last week announced new restrictions requiring companies to obtain export licenses if their products contain more than 0.1 percent of Chinese-origin rare earths by value. US Secretary of the Treasury Scott Bessent on Wednesday responded by saying that Beijing was “unreliable” in its rare earths exports, adding that the US would “neither be commanded, nor controlled” by China, several media outlets reported. Japanese Minister of Finance Katsunobu Kato yesterday also
‘DRAMATIC AND POSITIVE’: AI growth would be better than it previously forecast and would stay robust even if the Chinese market became inaccessible for customers, it said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday raised its full-year revenue growth outlook after posting record profit for last quarter, despite growing market concern about an artificial intelligence (AI) bubble. The company said it expects revenue to expand about 35 percent year-on-year, driven mainly by faster-than-expected demand for leading-edge chips for AI applications. The world’s biggest contract chipmaker in July projected that revenue this year would expand about 30 percent in US dollar terms. The company also slightly hiked its capital expenditure for this year to US$40 billion to US$42 billion, compared with US$38 billion to US$42 billion it set previously. “AI demand actually
Jensen Huang (黃仁勳), founder and CEO of US-based artificial intelligence chip designer Nvidia Corp and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) on Friday celebrated the first Nvidia Blackwell wafer produced on US soil. Huang visited TSMC’s advanced wafer fab in the US state of Arizona and joined the Taiwanese chipmaker’s executives to witness the efforts to “build the infrastructure that powers the world’s AI factories, right here in America,” Nvidia said in a statement. At the event, Huang joined Y.L. Wang (王英郎), vice president of operations at TSMC, in signing their names on the Blackwell wafer to
Taiwan-based GlobalWafers Co., the world’s third largest silicon wafer supplier, on Wednesday opened a 12-inch silicon wafer plant in Novara, northern Italy - the country’s most advanced silicon wafer facility to date. The new plant, coded “Fab300,” was launched by GlobalWafers’ Italian subsidiary MEMC Electronics Materials S.p.A at a ceremony attended by Taiwan’s representative to Italy Vincent Tsai (蔡允中), MEMC President Marco Sciamanna and Novara Mayor Alessandro Canelli. GlobalWafers Chairwoman Doris Hsu (徐秀蘭) said the investment marked a milestone in the company’s expansion in Europe, adding that the Novara plant will be powered entirely by renewable energy - a reflection of its
RSS