A currency clearance and settlement system between Taiwan and China are almost complete. That's the word from the visiting Deputy Governor of the People's Bank of China Hu Xiaolian on Tuesday.

A currency agreement would allow for commercial banks on both sides of the Taiwan Strait to convert China and Taiwan currency. This would lower the cost of currency conversion and reduce counterfeit banknotes. Hu said this would encourage visiting Chinese tourists to spend more in Taiwan.

Talks on a cross-strait currency system have been underway for sometime. She said an agreement would be concluded before the proposed Economic Co-operation Framework Agreement (ECFA) is signed.