China, Taiwan in landmark financial services deal

NANJING, China - Taiwan and China signed a series of landmark agreements on Sunday laying the groundwork for a flood of financial services investment to flow across the Taiwan Strait for the first time in six decades.

By (Reuters)

Published: Sun 26 Apr 2009, 1:50 PM

Last updated: Thu 2 Apr 2015, 3:41 AM

The agreements mark the latest sign of warming ties between the former Cold War adversaries under the year-old administration of Taiwan President Ma Ying-jeou, who ran for office promising to improve the economy through closer ties with the mainland.

The centerpiece of the latest round of cross-strait negotiations, the third since Ma took office, is an agreement setting up a regulatory framework for financial services firms on both sides of the Taiwan Strait to invest and do business in each others’ markets, according to a statement issued by Taiwan’s negotiator, the semi-official Straits Exchange Foundation.

The two sides also agreed to gradually establish a clearing system between the Taiwan dollar and China’s currency, the yuan, and to set up scheduled flights across the Taiwan Strait, replacing the current system of chartered flights.

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