China will implement deposit insurance system in the first half of this year, Zhou Xiaochuan, head of People’s Bank of China, said in a press conference on March 12.

As an important process of economic reform, deposit insurance system has garnered positive results after soliciting opinions from the public, Zhou said, adding that the timing is right to implement the system.

Yuan restrictions in Taiwan to be eased

The 20,000 yuan per person per day limit of renminbi currency conversions for Taiwan people will be loosened as renminbi business develops and demand grows, said Zhou.

The Taipei branch of Bank of China has been engaged in the renminbi offshore settlement and clearance business.