Standard Chartered Taiwan has completed Rmb-denominated transactions worth nearly Rmb6mn following the opening of Rmb-related services to domestic banks in Taiwan.

The deals were extended to various local corporates including Makalot Industrial, Eastech Electronics, SEF Tech and OHL Taiwan.

StanChart Taiwan president and CEO Ajay Kanwal says by launching Rmb operations in Taiwan, on top of the its existing Rmb services for trade transactions in 36 countries, StanChart hopes to take the lead in the globalisation of the Chinese currency.

He adds that the new Rmb business in Taiwan will give corporate clients more flexibility for trade settlement, cash management and financing choices, as well as helping them diversify their investment portfolios.