Taiwan Solidarity Union (TSU) legislators yesterday questioned a plan by convenience store chain 7-Eleven to launch currency exchange services for the yuan, saying that it might lead to loss of Taiwan’s currency sovereignty.
As an increasing number of Chinese visitors come to Taiwan, 7-Eleven — which is operated by President Chain Store Corp (統一超商) — on Thursday announced that, starting tomorrow, it would provide currency exchange services for the yuan at three of its stores.
“Providing the service will facilitate the circulation of the yuan in Taiwan, which may allow the Chinese currency to actually affect consumer prices in the country,” TSU caucus whip Lai Cheng-chang (賴振昌) told a news conference at the caucus office.
Photo: Chu Pei-hsiung, Taipei Times
“This is no different from losing our sovereignty in terms of currency,” he said.
Lai said that since Chinese tourists are not the only foreign visitors in Taiwan, “why is [7-Eleven] only providing the service for the yuan?”
TSU Legislator Chou Ni-an (周倪安) said that in addition to worrying about the impact of the yuan in Taiwan, she is concerned with security and forgery issues.
“With large amounts of cash in yuan and NT dollars in store, will convenience stores have enough security measures? Also, there are a lot of forged banknotes in China — will the part-time staff at convenience stores be able to identify whether the banknotes are authentic?” Chou asked.
“Currency exchange services are available at a wide range of hotels and banks, so I doubt there is a need for convenience stores to provide such services,” she added.
Moreover, Lai said that, as China is trying to create the image that Taiwan and China are tied together, “this would give it a good opportunity to manifest that tie.”
However, 7-Eleven is not the first convenience store chain to provide such services. FamilyMart (全家便利商店) has been providing currency exchanges for yuan, US dollars, Hong Kong dollars and yen at designated stores.
Since a revision of the regulations on currency exchange in 2013, the government has allowed convenience store and drug store chains, as well as night markets, to provide “one-way” currency exchange services — meaning that foreign currency holders may change foreign currency cash into NT dollars at the newly added locations, but not the other way around.
Despite the TSU’s concerns, former Taiwan Association of University Professors president Lu Chung-chin (呂忠津) said he does not think 7-Eleven’s decision is a big issue.
“Chinese tourists have to change money anyway. If they cannot do it at convenience stores, they will have to do so at banks, airports or hotels. Besides being more convenient, there is actually not much of a difference,” he said.
In response to the lawmakers’ criticism, 7-Eleven said that its management is assessing the possibility of including other currencies.
It might extend the service to more branches located near famous tourist attractions, such as Kenting National Park in Pingtung County or night markets, 7-Eleven said.
The cashiers would receive trainings in currency exchange, including banknote identification, while counterfeit banknote detectors and exchange rate boards would also be installed at the branches offering the service, 7-Eleven said.
Additional reporting by Chen Wei-han and CNA
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