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TAIPEI, Nov 9 (Reuters) - China is ready to sign a much-anticipated financial service pact with Taiwan, local media reported on Monday, citing a Chinese official. "It would be nice if the MOU (memorandum of understanding) was signed in the next two days," the Commercial Times quoted Wang Yi, Director of China's Taiwan Affairs Office, as saying. Wang's comment, which was made in response to media questions in Ningbo, China, comes after Taiwan's vice premier Eric Chiu said in a public appearance on Friday that the pact would be signed within a day or two, the Chinese-language paper said. The memorandum, which will mainly cover cross-border financial supervision, will allow Taiwan's banks to tap China's massive market and pave the way for banks in both countries to invest in each other. The anticipated agreement comes as Taiwan and China have agreed to open their financial markets to each other as part of easing ties between the formal political rivals since Taiwan President Ma Ying-jeou took office last year. Taiwan's banking and insurance sub-index has jumped 50 percent so far this year on expectations the accord will help banks establish a foothold in the Chinese market. The main index had climbed 63 percent during the same period. ($1=T$32.5) (Reporting by Faith Hung; Editing by Ken Wills) ((faith.hung@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging: faith.hung.reuters.com@reuters.net)) Keywords: TAIWAN CHINA (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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