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Perng urges currency exchange with China

Perng urges currency exchange with China

Taiwan's top monetary official on Monday urged the government to lift the ban on exchanging the Chinese yuan for Taiwan dollars, saying the practice would not negatively impact the country's economic growth.
Central Bank of China Governor Perng Fai-nan told the Legislature's Finance Committee it would take his agency a week to be ready to conduct the new business once the government gives its go-ahead.
"The timing for the currency exchange is ripe," Perng said. "We have organized several seminars to teach bank staffers how to detect counterfeit Chinese currency. The issue will not pose any difficulty."
Currently the service is limited to banking offices in the outlying islands of Kinmen and Matsu as a part of the mini-links policy.
Perng said it is desirable and practical to extend the service to Taiwan proper where people may find themselves with yuan after traveling to China but are not allowed to exchange it into local currency.
"The restriction is unreasonable as it helps encourage people to keep the yuan, which may replace new Taiwan dollars as the medium of exchange," Perng said.
The CBC chief added he believed the suggested opening will not have in any way harm the island's economy.
Perng, however, said the Mainland Affirs Council will have the final say on the matter and he would respect the agency's decision.



Updated : 2021-08-05 19:48 GMT+08:00