TAIPEI, Dec 1 (Reuters) - China's commercial banks are preparing for a currency clearing system with their Taiwanese counterparts, a top official at China's central bank said on Tuesday, paving the way for closer ties between both sides.
More than 50 percent of the preparation work necessary for the currency clearing system has already been done, Hu Xiaolian, a vice governor of the People's Bank of China, told reporters in Taipei.
The system can kick off before Chinese banks open branches in Taiwan, Hu added, following the signing of a financial services agreement between the two sides last month.
(Reporting by Faith Hung and Roger Tung; Editing by Ken Wills)
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