Chen said closer cross-strait financial exchanges and supervision is now an irreversible trend, but before such cooperation could proceed it is normal for an MOU to be signed between the two sides.

Chen declined to comment on a report by the Mandarin-language Commercial Times Wednesday that China’s Bank of Communications plans to invest US$100 million in Taiwan’s Taishin Financial Holding Co. to become a shareholder.

He noted that the media and the banking institutions have the right to say anything, but adding that this is not an opportune time for him to comment on the matter.

Meanwhile, Chen said, Taiwan will open up to investment by Chinese qualified domestic institutional investors (QDII) from the end of November but the amount of QDII investment will be restricted until an MOU is signed between the two sides.

He speculated that an academic workshop on cross strait financial cooperation scheduled to be held in Beijing Nov. 25 and a new round of talks between Taiwan’s ruling Kuomintang and the Communist Party of China slated for December could help to speed up the signing of an MOU on financial regulation and supervision.

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