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BIZCHINA / Top Biz News
China prepares for residents' direct investment in HK shares
(Xinhua)
Updated: 2007-09-09 11:10
China has finished at least half of the preparations for the local
residents' direct investment in Hong Kong stock market, Zhu Min, vice
president of Bank of China (BOC), said Saturday.
"The preparations go on smoothly, but there are still many technical
problems yet to be addressed," Zhu said on the sidelines of the Inaugural
Annual Meeting of the New Champions hosted by the World Economic Forum in
China's northeastern coastal city of Dalian.
"It takes a lot of time to prepare new softwares and investors education
and train staff members. However, we have no plan to delay it," he told
Xinhua.
Related readings:
?China may loosen forex controls for  the individuals
?Curbs on forex holdings scrapped
?China removes forex quota of domestic institutions
?Forex reserves top US$1.33 trillion, up 41.6%
The State Administration of Foreign Exchange announced On August 20 the
Chinese mainland individuals would be able to directly buy HK shares
through BOC's Tianjin branch amid efforts to cut the country's huge forex
reserve and excessive liquidity.
"Tianjin is the only pilot city. It's hard to say if the program will
expand to other cities in the future," Zhu noted in response to earlier
media reports saying the program would be expanded to many other cities
and be launched in early September.
"The program will not have big impact on the sales of qualified domestic
institutional investors products as the latter have already been given
go-ahead to invest in almost all the global equity markets," he said.
(For more biz stories, please visit Industry Updates)
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