On June 30, Taiwan's airports, banks, department stores, and other institutions had a set exchange rate between Taiwan dollars and Renminbi for the first time. RMB is labeled as "CNY." Some banks have informed the public of this news through printed red notices, some of which read, "you are welcome to exchange RMB." This shows that the buying and selling of RMB is developing in Taiwan.
After approval by the relevant organs in Taiwan, Taiwan's 14 financial institutions with their 1240 branches could make transactions in RMB from June 30 onward. However, not all branches of these 14 institutions exchange RMB. Of those that do, some can both buy and sell RMB while some designated foreign exchange branches can only buy, not sell. Thus, customers must first confirm by phone or go online to check the notices from each bank. Taiwan residents can use their identification cards while travelers from the mainland can use their Taiwan entry permits to exchange up to 20,000 RMB in cash per person at one time.
On the first day exchange was opened up, Taiwanese banks issued the following exchange rate for RMB: purchase price 4.339 RMB, sell price 4.552 RMB.
By People's Daily Online
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