People can now exchange RMB bilaterally on the island of Taiwan as of June 30 if they present valid ID certificates; island residents need identity cards, tourists and foreigners need passports. Each individual exchange is limited to 20,000 RMB.
On June 30 banks with permission to conduct exchange business publicized their bid rate and offer rates for RMB. Taiwan Bank has posted 4.339 and 4.552RMB respectively. This means that people can buy 1,000 RMB in exchange for 4,552 new Taiwan Currency or they can get 4,339 new Taiwan Currency by selling 1,000 RMB.
The banks stated that the bid and offer rates posted on June 30 were calculated based on international rates, acquisition costs, as well as the nominal rate of RMB, which is floating.
For more details, please read the full story in Chinese (http://www.china-cbn.com/s/n/000002/20080701/020000082329.shtml).
(China.org.cn July 1, 2008)