Cross-straits settlement system mooted

Taiwan officials are looking into setting up a trial currency settlement system between the island and the mainland, according to Hsu Yi-hsiung, a deputy governor of Taipei's Central Bank of China. Hsu's comments came on the heels of reports that Taiwan businessmen were exchanging NT dollars for renminbi at mainland banks and that there might be as much as US$1.5bn in Taiwan money on the mainland. But Hsu said an estimate would be difficult to make since an exchange rate had yet to be set. Separately, Mainland Affairs Council Chairman Joseph Wu suggested Taipei and Beijing model a settlement pact on one similar to the agreement signed last year between Hong Kong and the Mainland.