BEIJING/TEGUCIGALPA/TAIPEI, March 26 (Reuters) - China established diplomatic ties with Honduras on Sunday after the Central American country ended its decades-long relationship with Taiwan, while Taiwan's foreign minister accused Honduras of demanding exorbitant sums before being lured away by Beijing. In a brief statement late on Saturday, the Honduran foreign ministry said it recognised the People's Republic of China as the only legitimate government that represents all of China and that Taiwan is an "inseparable part of Chinese territory". Relations between Honduras and Taiwan date back to 1941 when the government of the Republic of China, which remains Taiwan's official name, was still in China before it fled to the island in 1949 after losing a civil war with Mao Zedong's communists