Taiwan will raise the quota for mainland firms for issue of yuan-denominated bonds on the island, Securities Times reported Friday, citing Tseng Ming-chung, chairman of Taiwan’s Financial Supervisory Commission. The move comes amid Taiwan’s efforts to become a key offshore renminbi center. At present, the combined quota for mainland firms to issue the so-called baodao bonds on the island is 10 billion yuan (US$1.65 billion). Tseng did not reveal the planned new figure, the paper said. Meanwhile, he said that Taiwan will offer more renminbi products to investors in the future, including yuan-denominated insurance policies.
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