Bank of China's Taipei branch has been designated as the clearing bank for renminbi transactions in Taiwan, the People's Bank of China announced on Tuesday.

The decision was made in accordance with a cross-Straits currency clearing memorandum, according to the central bank. The mainland and Taiwan signed a currency clearing memorandum on Aug 31, paving the way for a cross-Straits currency clearing mechanism.

China Daily - Agencies

(China Daily 12/12/2012 page14)