Business
        

Economy

Mainland pushes currency clearing mechanism with Taiwan

Updated: 2011-03-30 14:14

(Xinhua)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

BEIJING - The Chinese mainland is actively considering an "appropriate way" to set up a cross-Straits currency clearing mechanism and expects early progress in this regard, a government spokeswoman said Wednesday.

Expanding cross-Straits economic exchanges and increasing mutual visits require the two sides across the Taiwan Straits to establish a mechanism for currency clearing without delay, Fan Liqing, spokeswoman for the Taiwan Affairs Office of the State Council, told a press conference in Beijing.

She said the mainland already allowed mutual conversion of New Taiwan Dollar and yuan cross-border trade settlement to be conducted on a larger scale in the mainland.

Related readings:
Mainland pushes currency clearing mechanism with Taiwan China UnionPay expands bankcard business in Taiwan
Mainland pushes currency clearing mechanism with Taiwan Economic reform won't damage Taiwan interests
Mainland pushes currency clearing mechanism with Taiwan Taiwan opens more sectors to mainland investment

"No policies of the Chinese mainland are any obstacle to cross-Straits trade settlement in yuan," she added.

Under a cross-Straits agreement, the Chinese mainland had authorized the Bank of China (Hong Kong) Limited, to provide yuan cash settlement services to Taiwan, she said.

"These measures have laid a foundation for a cross-Straits currency clearing mechanism," Fan said.

The set-up of the mechanism has been included into China's 12th five-year development plan starting this year.

E-paper

Rise and shine

The Chinese solar energy industry is heating up following recent setbacks in the nuclear sector

Preview of the coming issue
Bombs aim for regime change
CSI, with a twist

European Edition

Specials

The queen of panda cubs

Spanish Queen Sofia laughs as she plays with a panda.

London's Olympic Stadium

Construction on the flagship stadium for the 2012 London Olympics was completed Tuesday.

Donkey-powered Land Rover

Two donkeys pull a broken-down Land Rover in Shenyang, Liaoning province.

Have you any wool?
Virtual memorial
Daughter, son try to fill dad's shoes