Taiwan’s Financial Supervisory Commission has recommended that the island’s central bank endorse a Bankers Association request to allow domestic banking units to offer more types of renminbi derivative products, Want Daily reported Friday, citing Chang Kuo-ming, deputy director of the commission’s banking bureau. In the first wave of opening, the central bank allowed renminbi fixed-income products, such as deposits, to be linked to interest rates and exchange rates. The proposal would allow foreign currency denominated products to be linked to the mainland’s stock indexes and exchange-traded funds. A central bank official said the submission would allow banks to basically offer the products without applying for regulatory approval, the report said.
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