Yuan trade to start in Taiwan in weeks

The central bank has appointed Bank of China's Taipei branch to clear yuan transactions in Taiwan, in the latest step to strengthen economic ties between the mainland and the island.

The People's Bank of China signed a clearing agreement with the BOC branch yesterday, under which Taiwan residents would be allowed to deal in yuan-denominated assets such as deposits, loans and yuan investments.

Taiwan's central bank said in a statement that yuan businesses on the island would begin as early as the Lunar New Year.

via Business feed http://www.scmp.com/business/economy/article/1136313/yuan-trade-start-taiwan-weeks