A Chinese newspaper reports that China and Taiwan will sign a memorandum of understanding on the use of the Chinese yuan and the Taiwan dollar as currencies for trade settlements.

The Shanghai-based Dongfang Zaobao says that officials from the two sides will sign the MOU in Taipei on August eighth or the ninth.

The mainland and Taiwan currently use the U.S. dollar as a currency for trade settlements. The two sides expect the use of the yuan and Taiwan dollar as a payment tool to further boost trade across the strait.