Monetary authorities on Taiwan are going to begin setting daily reference rates for the Renminbi being circulated on the island starting next week.
Taiwan has seen a huge influx in yuan deposits since banks on the island started offering offshore RMB business in February of last year.
The reference rates, which gauge the costs of borrowing in the Renminbi, will be used to price yuan-denominated contracts and derivative products.
Reuters will handle and publicize the daily calculations.
