Quotable

"We are hoping currency regulators on both sides will speed up follow-up preparation work and start cross-Straits currency clearing operations as early as possible."

Yang Yi, spokesman for the State Council Taiwan Affairs Office, said after the mainland and Taiwan on Friday signed a memorandum on currency clearing, paving the way for a cross-Straits currency clearing mechanism. The system, which helps lower money exchange costs and reduces risks from exchange fluctuation, is believed to be another important step for cross-Straits financial cooperation.