Three Japanese banks on Wednesday started offering Chinese yuan clearing services to companies in Taiwan as the island's domestic banks began accepting deposits and remittances in the mainland's currency.
The three Japanese entities are Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp. and Mizuho Corporate Bank.
Michio Murakami, general manager of BTMU's branch in Taipei, said it is highly advantageous for them to be able to offer loans, remittances and deposits to corporations in Taiwan as clients can settle their accounts in Chinese yuan and thus reduce operating costs and control risks.