Home Business Taiwan asks state-owned banks to ‘appropriately handle’ China exposure

Taiwan asks state-owned banks to ‘appropriately handle’ China exposure

2 min read
Comments Off on Taiwan asks state-owned banks to ‘appropriately handle’ China exposure
0
33

[ad_1]

Article content

TAIPEI — Taiwan has asked state-owned banks to “appropriately handle” their exposure to China, Finance Minister Su Jain-rong said on Monday, amid the current trade and political tensions between Taipei and Beijing.

Taiwan’s financial regulator said last month that Taiwanese banks’ exposure to China had hit their lowest ever level, at a time when China has been pressuring the island militarily and diplomatically to accept Beijing’s sovereignty.

Article content

Asked by a lawmaker at a parliamentary session whether state-owned banks should be re-examining their investment risks in China, Su said: “State-owned banks have already been required to actively handle their China exposure appropriately.”

Article content

Taiwan’s big state-owned banks include Bank of Taiwan , Taiwan Cooperative Bank Ltd and Land Bank of Taiwan Co Ltd.

Taiwan complained last week that China has banned more Taiwanese food and beverage imports in what the government says is part of a pressure campaign by Beijing targeting the Taiwanese food, agriculture and aquatic sectors.

Agriculture and food and drink production is not a major part of Taiwan’s semiconductor-oriented economy.

But the farming and fishing community is largely based in parts of the island that traditionally support the ruling Democratic Progressive Party, especially in southern Taiwan.

Su said the impact on the alcoholic beverages sector from the latest Chinese ban was “not bad,” putting the value of the affected exports at about T$1 billion ($32.57 million). ($1 = 30.7050 Taiwan dollars) (Reporting by Liang-sa Loh; Writing by Ben Blanchard; Editing by Muralikumar Anantharaman)

[ad_2]

Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

China’s Jan factory activity contracts at slower pace – Caixin PMI

[ad_1] Breadcrumb Trail Links PMN Business Article content BEIJING — China’s factory activ…