Taiwan South China bank allowed to set up mainland interbank foreign currency account

The Ministry of Commerce September 30 quoted Taiwan media reports that South China's gold-controlled South China Bank announced September 29 that it was allowed to set up an interbank foreign currency deposit account with mainland financial institutions and their overseas subsidiaries, and that future dollar funds could be liquidated directly through BOC Hong Kong (02388.HK).　　Hua Ban is the first financial institution in Taiwan to establish trade with mainland financial institutions.　　Taiwan's media also quoted Hua Ban as saying that the bank set up a US dollar account in the Bank of China to become the first Taiwanese remittance to mainland China without the need to pass through foreign capital, as long as a telegram could be remitted to the mainland bank. China Bank further pointed out that the future cross-strait business transactions between the United States dollar funds can be selected directly through the Bank of China liquidation, without the transfer through the third foreign banks, cross-strait remittances will be faster and cheaper.