A board indicating NT$-RMB exchange is placed in a service window of Taipei's Taoyuan Airport on Sunday, June 29, 2008.

(CRI 2008-06-30 17:10:39)--As Taiwan banks prepare for Monday's new conversion rights between the New Taiwan Dollar (NT$) and the Renmimbi (RMB), over 500 million Yuan is placed in stock throughout Taiwan's banks.

Local media reported that banks in Taiwan are bracing themselves for peak conversion times between the two currencies, as the launch of charter flights across the Taiwan Straits on July 4 coincides with the arrival of mainland tourists on July 18.

Residents will be able to exchange the two currencies in 1,500 branches of 13 banks including Bank of Taiwan, Land Bank of Taiwan, Citibank and the Hongkong and Shanghai Banking Corp.

As with other types of currency exchange, residents are required to provide formal documents such as identification cards or passports to exchange RMB, with a limit of 20,000 Yuan per person.

The exchange rate will be based on last week's shift of 4.52 to 4.56 New Taiwan dollars to one Chinese Yuan, the newspaper estimated.

In addition to the cash already in stock, banks in Taiwan will transport another 500 million RMB from overseas accounts by air, the report said.