Taiwan insurers, managers get ready for RMB clearing

Taiwanese life insurers and asset managers are fine-tuning preparations to handle offshore RMB business, with currency clearing set to become effective on the island at the end of this month. The People’s Bank of China announced that an RMB clearing bank would be established in Taiwan, after central banks on the two sides signed a memorandum of understanding in August. The expectations are that this will be Bank of China (Taiwan), which would then become the entity through which…