Beijing’s attempt to make the renminbi a global currency took a step forward on Friday with an agreement that will let banks in Taiwan clear transactions in the Chinese currency.
Establishing Taiwan as an offshore centre for renminbi transactions further cements the growing integration of the two economies while leaving to one side the unresolved issue of the island’s sovereignty.
Taiwan is a much smaller financial center than Singapore or London – which are also vying to become offshore renminbi centres – but its vast trade ties with China give it a major advantage.
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