Mainland-Taiwan economic co-op

Economic cooperation between the Chinese mainland and Taiwan has made two more breakthroughs.

According to a mainland spokesperson Wednesday, the latest development sees trade organizations to manage business across the Strait.

As well as a key step in currency clearing, between the two sides.

PKG

A major handshake between Beijing and Taipei:

According to Fan Liqing, spokesperson with the State Council Taiwan Affairs Office, Taiwan's leading trade group, the Taipei World Trade Center, is cleared to set up offices in Beijing and Shanghai.

The mainland-based China Chamber of Commerce for Import and Export of Machinery and Electronic Products was allowed to set up an office in Taipei.

The spokesperson expects more cultural institutions to open offices across the strait in future, to promote exchanges and better serve artists.

Fan also confirmed that a service trade agreement between the two sides is in its final stages.

The agreement is a follow-up of a broad, economic pact signed in 2010, when the mainland pledged to open its market as much as it could.

Cooperation is also expanding financially.

On Tuesday, the Bank of China's Taipei branch was designated as the clearing bank for Renminbi transactions in Taiwan.

A key step to enable currency clearing across the strait, under a deal sealed in August.

In September, Taiwan's monetary authorities already set Bank of Taiwan's Shanghai branch as the clearing bank to handle New Taiwan dollar transactions on the mainland.

The clearing banks will be able to handle cash exchanges of currencies from the two sides...

Bringing more convenience to traders and tourists, on both sides of the Strait.