China could allow its banks to widen access to Taiwanese lenders and remove current restrictions on branches opened on the mainland, Beijing's banking regulation chief told local media on Sunday. Liu Mingkang, chairman of the China Banking Regulatory Commission, extended the olive branch upon his arrival Saturday, according to the Taipei-based Commercial Times.
Liu and his Taiwanese counterpart Chen Yu-chang will hold talks in Taipei Monday in the first meeting since Taipei and Beijing set up a banking supervisory co-operation platform in January.
According to Liu, under the pending new measures, Taiwanese lenders will be allowed to start doing renminbi business once they have opened branches on the mainland, the Times said. Existing measures require Taiwan lenders to open branches for a minimum of a year and become profitable before they are permitted to do renminbi business.
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