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Two state-controlled mainland
banks have reportedly become
the first to apply to set up
representative offices in
Taiwan. The Commercial Times
says Bank of China and Bank of
Communications have filed
their applications to the
island's Financial Supervisory
Commission.
It comes after six
Taiwanese banks applied to set
up branches on the mainland.
According to to an economic
agreement signed by Beijing
and Taipei in June, mainland
banks will be allowed to open
branches in Taiwan one year
after their representative
offices become operational.
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