Taiwan govt says signs financial pact with China

TAIPEI Nov 16 (Reuters) - Taiwan has signed a financial service pact with China, with the agreement to take effect within 60 days from now, the island's financial regulator said on Monday.

Taiwan's Financial Supervisory Commission announced the news in a statement, confirming a source's comments earlier in the day saying that both sides had signed the long-awaited pact.

The agreement will allow Taiwan's banks to tap China's massive market and pave the way for banks on both sides to invest in each other. ($1=T$32.2) (Reporting by Faith Hung, Lin Miao-jung and Rachel Lee; Editing by Lee Chyen Yee and Jacqueline Wong)