A Chinese financial expert said yesterday that financial authorities on both sides of the Taiwan Strait should consider signing an agreement to manage bilateral currency swaps.
Xia Bin (夏斌), director of the Financial Research Institute under China’s State Council Development Research Center, said at a seminar in Taipei that the two sides should study the possibility of using Chinese yuan in bilateral trade settlements.
If Chinese companies pay Chinese yuan for products purchased from Taiwanese businessmen operating in China, it should be possible to deposit that currency in Taiwanese financial institutions or use it for local investment, said Xia, a former official of China’s central bank.
Offshore Chinese yuan business could offer great opportunities for Taiwanese bankers, so the central banks on both sides of the strait should consider signing a currency swap management agreement, Xia said.
Taiwan’s Financial Supervisory Commission (FSC) Vice Chairwoman Lee Jih-chu (李紀珠) said Taiwan’s central bank has a plan for Chinese yuan settlements and offshore business, and the FSC would respect the central bank’s final decision.
Xia also said the current cross-strait financial cooperation is just a start and that China still needs to understand more about the needs of Taiwan’s financial development, while Taiwan needs to realize the characteristics of China’s economic transformation.
It would be difficult for China to satisfy all the needs of Taiwan’s finance industry because it would mean that China would also need to open its financial market to the rest of the world, Xia said.
He also said that the recent signing of the cross-strait Economic Cooperation Framework Agreement (ECFA) would not only help lower the cost of industrial supply chains, but would also enhance the competitiveness of the “Greater China region.”
The National Immigration Agency (NIA) said yesterday that it will revoke the dependent-based residence permit of a Chinese social media influencer who reportedly “openly advocated for [China’s] unification through military force” with Taiwan. The Chinese national, identified by her surname Liu (劉), will have her residence permit revoked in accordance with Article 14 of the “Measures for the permission of family- based residence, long-term residence and settlement of people from the Mainland Area in the Taiwan Area,” the NIA said in a news release. The agency explained it received reports that Liu made “unifying Taiwan through military force” statements on her online
A magnitude 5.7 earthquake struck off Taitung County at 1:09pm today, the Central Weather Administration (CWA) said. The hypocenter was 53km northeast of Taitung County Hall at a depth of 12.5km, CWA data showed. The intensity of the quake, which gauges the actual effect of a seismic event, measured 4 in Taitung County and Hualien County on Taiwan's seven-tier intensity scale, the data showed. The quake had an intensity of 3 in Nantou County, Chiayi County, Yunlin County, Kaohsiung and Tainan, the data showed. There were no immediate reports of damage following the quake.
Actor Darren Wang (王大陸) is to begin his one-year alternative military service tomorrow amid ongoing legal issues, the Ministry of the Interior said yesterday. Wang, who last month was released on bail of NT$150,000 (US$4,561) as he faces charges of allegedly attempting to evade military service and forging documents, has been ordered to report to Taipei Railway Station at 9am tomorrow, the Alternative Military Service Training and Management Center said. The 33-year-old would join about 1,300 other conscripts in the 263rd cohort of general alternative service for training at the Chenggong Ling camp in Taichung, a center official told reporters. Wang would first
MINOR DISRUPTION: The outage affected check-in and security screening, while passport control was done manually and runway operations continued unaffected The main departure hall and other parts of Terminal 2 at Taiwan Taoyuan International Airport lost power on Tuesday, causing confusion among passengers before electricity was fully restored more than an hour later. The outage, the cause of which is still being investigated, began at about midday and affected parts of Terminal 2, including the check-in gates, the security screening area and some duty-free shops. Parts of the terminal immediately activated backup power sources, while others remained dark until power was restored in some of the affected areas starting at 12:23pm. Power was fully restored at 1:13pm. Taoyuan International Airport Corp said in a
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