China says in consensus with Taiwan on currency deal

June 13, 2012

China has reached consensus with Taiwan on signing a yuan clearing agreement, a government official said on Wednesday, bringing both sides a step closer to a deal expected to benefit Taiwan banks.

 

The clearing system envisions one branch of a Taiwan bank in China and one branch of a mainland bank in Taiwan becoming designated clearance banks to speed up the processing of money transfers to both sides.

 

"Authorities on both sides have had smooth communications on setting up the mechanism," said a spokesperson for the Taiwan Affairs Office, which is under China's State Council.