Four China's mainland banks have been approved by the country's banking authority to launch representative offices in Taiwan, according to a senior banking official.

The four are China Merchants Bank, Industrial and Commercial Bank of China (Asia) Limited, Shanghai Pudong Development Bank and Fujian Industrial Bank, said Liu Tinghuan, vice governor of People's Bank of China, nation's central bank, Wednesday in Taiwan.

He hoped quick response from the Taiwan authority to the four's office proposals.

Liu is on the island to attend an annual banking seminar to boost cooperation across the Taiwan Strait, a two-day event which will close today.

At the meeting, he expected more breakthroughs in cooperation and exchanges between mainland and Taiwan in the banking sector and would like to see closer ties between the two as what is going on between the mainland and Hong Kong and Macau.

He said China embraces a welcome attitude to Taiwan's financial institutions and has approved seven Taiwan bankers to set up mainland representative offices as well as 17 securities firms, seven insurers and one insurance broking company.

As for the exchange rate of renminbi, Liu said a stable and reasonable rate will benefit the economies of China, Asia and the world.

"China is making reforms with its exchange fluctuation system, but no timetable is yet available due to the complicacy in the area," he added.

(Xinhua News Agency November 6, 2003)