Taiwan allows banks, hotels to begin trading renminbi

Taiwan began allowing 14 financial institutions to offer exchange services in renminbi on Monday as the island prepares to begin hosting an expected surge of mainland tourists in mid-July, state media reported. In addition to the banks, 40 of the island’s hotels and 15 department stores can now also buy renminbi in exchange for the Taiwan dollar. The two currencies were previously not exchangeable through official channels except for in small amounts on several of Taiwan’s outlying islands. A landmark cross-Strait tourism deal was signed on June 13, which will see up to 3,000 mainland tourists per day visiting the island by mid-July.