Economy

China approves yuan, New Taiwan dollar exchanges in Guangdong

(Xinhua)
Updated: 2010-11-10 13:43

Beijing - The Chinese mainland has approved mutual direct exchange of the yuan and the New Taiwan Dollar (TWD) in Guangdong province, where the Asian Games will open on Friday.

The State Administration of Foreign Exchange has permitted two mainland banks -- Industrial and Commercial Bank of China and Bank of China -- to provide exchange services in Guangdong, said Fan Liqing, spokeswoman for the State Council Taiwan Affairs Office at a press conference Wednesday.

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The yuan and the TWD are not directly exchangeable.

The measure was intended as a convenience for Taiwan compatriots attending the games, she said.

However, she did not say how long the measure would be effective. A similar measure was put in place during the Shanghai World Expo.

The Chinese Taipei delegation of 560 people arrived at Guangzhou, host city of the Games, on Monday and will compete in 32 sports during the two-week event.