Bank Of East Asia Taiwan inaugurates CNY services

Financial Supervisory Commission of Taiwan granted approval of operations.

Bank of East Asia Ltd. said Wednesday its Taiwan offshore unit has begun offering yuan services.

The bank said in a statement that it started the service after receiving approval from the Financial Supervisory Commission of Taiwan, according to a report in Fox Business.

Yuan services at the bank's Taiwan Offshore Banking Unit include deposits, loans, trade finance, remittance and currency exchange, Bank of East Asia said.