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Yuan transactions between the mainland and Taiwan hit 309.1 billion yuan (50.67 billion U.S. dollars) in the first three quarters, up 96 percent year on year, China's central bank said on Tuesday.

A total of 23.4 billion yuan in yuan-denominated bonds have been issued in Taiwan, according to the People's Bank of China (PBOC).

Taiwan is now the second major market after Hong Kong that is able to clear transactions in RMB, or the yuan, as the Chinese mainland has stepped up efforts to foster global use of its currency.

The mainland has approved 11 banks from Taiwan to set up 19 branches on the mainland, while four banks from the mainland have been approved to open offices in Taiwan and three have already set up branches there, said Pan Gongsheng, vice governor of the PBOC.