Cross-Straits currency settlement being coined

The local government of Fujian province is striving to develop the cross-Straits currency settlement mechanism for cross-border trade in Pingtan county, a senior official from the province said.

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"The Fujian provincial government is working on the program that will allow yuan and the new Taiwan dollar settlements conducted in Pingtan to further strengthen the financial cooperation between the mainland and Taiwan," said Zhou Lianqing, deputy to the National People's Congress and director of the Fujian Provincial Economic and Information Technology Commission.

Zhou made the remarks at a panel discussion during the annual session of the congress.

The government of Fujian province is encouraging more Taiwan-funded securities firms, insurance companies and other financial institutions to set up offices in Pingtan, Zhou said.

Zhou said it is essential to carry out cross-Straits currency settlement and clearing business in Pingtan, given its proximity to Taiwan and the increasing people-to-people and trade exchanges between the two areas.

Pingtan county, an area of 324 square kilometers, is the nearest place on the mainland to Taiwan, being just 68 nautical miles from Taiwan's city of Hsinchu.

The marine route between Pingtan and Taiwan's Taichung was launched in late 2011, while the Pingtan-Taipei route followed in late 2013. Both take two-and-a-half hours to travel from the county to Taiwan.

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