The Agricultural Bank of China (ABC) Pingtan branch conducted its first RMB remittance totaling 518,057 yuan ($83,148) between the Pingtan Comprehensive Pilot Zone and Taiwan on Feb 6.

Fujian Haixia High-Speed Passenger RORO Shipping Company requested the service and sent the money to Taiwan's Huagang Shipping Agency Ltd via First Commercial Bank in Taiwan.

The People's Bank of China (PBOC) and the Bank of China Taipei branch signed an Agreement on RMB Clearing Business on Jan 25, 2013. According to the agreement, the PBOC has authorized the BOC Taipei branch to offer RMB settlement and clearing services for participating banks.

The remittance on Feb 6 marked the initiation of cross-Straits RMB settlement and clearing services.

The PBOC Pingtan branch began promoting cross-border RMB settlement services in 2012. The bank hopes to provide a convenient financial service channel for business and trade between Pingtan and Taiwan and reduce exchange rate losses and currency mismatch risks, according to Zhang Zujian, the branch's vice-president.

Edited by Chen Zhilin and Michael Thai