Taiwan stocks rose 1 percent to a near 10-week closing high on Wednesday, led by gains in banks on hopes of a boost to cross-strait banking ties after China named Bank of China as the clearing bank for yuan transactions in Taiwan. The main TAIEX index ended 76.50 points higher at 7,690.19, its highest level since October 5, and outperformed most regional bourses. Banks advanced 1.5 percent. The Taiwan dollar climbed by T$0.053 to stand at T$29.069 against the US dollar.

Copyright Reuters, 2012