China Minsheng in currency deal

China Minsheng Banking Corp (中國民生銀行) received approval to conduct foreign-currency transactions with banks in Taiwan, a move that may help it tap 50,000 Taiwan businessmen who have pledged almost US$70 billion of investment in China. Beijing-based Minsheng, the only Chinese lender that doesn't count the government as a shareholder, said in a statement it has signed agreements to route foreign-currency to and from 12 Taiwan banks including Chang Hwa Bank (彰化銀行), Chinatrust Commercial Bank (中國信託銀行), Hua Nan Commercial Bank (華南銀行), and Taiwan Cooperative Bank (合作金庫). Earlier this month, China's central bank allowed its four biggest lenders to offer the service, lifting a half-century ban.