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Finance GreenWatch » 1. BANK, 7.China & Asia » Japanese lender to serve as clearing bank for island’s domestic yen settlements(Nikkei)

Japanese lender to serve as clearing bank for island’s domestic yen settlements(Nikkei)

Mizuhoimg_b_logo02TAIPEI — Taiwan’s Central Bank-backed domestic foreign currency settlement services will begin to cover Japanese yen, starting Jan. 28, with Mizuho Bank being the clearing bank.

The move to include the Japanese currency in a centralized payment and clearing platform will help “improve foreign exchange settlement efficiency while reducing risks in the domestic market,” said Deputy Gov. Ching-Long Yang of Taiwan’s Central Bank.

Central Bank officials said that starting Jan. 28, anyone wiring Japanese yen within Taiwan’s borders will be able to save on commission fees and have the funds delivered the same day. They said that Mizuho is expected to offer cross-border clearing services via the platform in May.

The platform, run by Taipei-based Financial Information Service Co., also offers domestic settlement services for U.S. dollars and yuan, the two other most-traded currencies in Taiwan.

 

http://asia.nikkei.com/Markets/Currencies/Japanese-lender-to-serve-as-clearing-bank-for-island-s-domestic-yen-settlements

 

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