BEIJING, Dec. 30 -- Authorities in Taiwan say they may allow banks from the Chinese Mainland to open branches on the island without first setting up representative offices.

    That is based on a memorandum of understanding signed by the two sides which will take effect on January 16th. But the number of mainland lenders permitted to do this will be capped at three, at least at the start.

    Several mainland banks have shown interest and submitted applications. On the list are the Bank of China, the Industrial and Commercial Bank of China, the Bank of Communications and the Agricultural Bank of China.

    (Source: CCTV.com)