Mainland, Taiwan discuss currency swap mechanism
BEIJING - A Chinese mainland spokesman announced on Wednesday that authorities from the mainland and Taiwan are carrying out research into setting up a currency swap mechanism.
"The cross-Straits clearing mechanism has been established, and monetary authorities from both sides will further improve relevant mechanisms to provide comprehensive, convenient and efficient services in trade," said Yang Yi, spokesman for the State Council's Taiwan Affairs Office, at a regular press conference.
Yang was asked to comment on a new regulation that comes into effect in April. Citizens of Taiwan, Hong Kong and Macao who work and live on the mainland will from that point be allowed to invest directly in the mainland's A-share market with renminbi.
The spokesman said good momentum has been maintained in cooperation. He called on both sides to seize opportunities to promote substantial financial partnership and provide trade support to develop the real economy.
In 2012, the mainland and Taiwan signed a direct currency clearing memorandum, under which the two sides agreed to set up a cross-Straits clearing mechanism.
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