The British Trade & Cultural Office (BTCO) in Taipei today hosted a financial conference, ‘Opportunities and Challenges on Taiwan’s Path to Becoming an Renminbi (RMB) Trading Centre’ together with the Taiwan Academy of Business and Finance.
Minister without Portfolio, Schive Chi opened the forum, at which senior representatives from British and Taiwanese banks and British officials spoke.
Discussion at the conference highlighted the rapid growth of the international offshore RMB business and focused on Taiwan’s potential to develop into an offshore RMB hub while working with London and other financial centres.
Chris Wood, Director of the British Trade & Cultural Office, said:
Taipei has the opportunity to join Hong Kong, becoming another major centre for offshore RMB in Asia. In this new and rapidly growing business, Taiwan has clear advantages. But Taiwan will need the right international partners to support it. London is a natural focal point for offshore RMB banking. It does not compete with Asian financial centres but rather complements them. I hope that we can establish cooperation with Taiwan in the future.