综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

   

Nod given to buying overseas shares

By Xin Zhiming in Beijing, Lillian Liu in Hong Kong (China Daily)
Updated: 2007-08-21 06:58


A man stands in front of an electronic board at a stock exchange in Nanjing, East China's Jiangsu Province, August 20, 2007.[Reuters] 

Mainland residents will, for the first time, be allowed to directly invest in overseas securities under a pilot program to be launched in the northern port city of Tianjin.

Investors can use their foreign exchange or purchase foreign currency to open an account with Bank of China's Tianjin branch or Bank of China International Securities in Hong Kong, according to a statement on the State Administration of Foreign Exchange (SAFE) website yesterday.

The investment amount will not be subject to the annual limit of $50,000 for an individual to purchase foreign exchange, as per earlier rules.

"This is part of the process of China's capital account reform," Chen Jijun, analyst with Beijing-based CITIC Securities, told China Daily.

Related readings:
New rules to curb stock price fluctuation
Supervisory system on stock index futures established
More effective regulation urged for stock market
Stock market value tops last year's GDP
New fund investors outnumber stock investors
Liquidity expectations help fuel stock surge
"It will help ease liquidity pressure in the country as foreign exchange reserves pile up rapidly," Chen said.

Stephen Green, senior economist with Standard Chartered Bank (China), described it as "a historic move in China's capital account opening".

SAFE said in the statement: "This is an important measure to widen the channels for foreign exchange outflows and promote basic balance in international payments."

Individuals were earlier allowed to invest overseas indirectly through banks, brokerages, insurers and fund managers through the qualified domestic institutional investors (QDII) scheme.

"Now, the new program will provide an alternative for domestic individuals eying overseas markets," Chen said.

Analysts said the Hong Kong market will be the first to benefit as many mainlanders are likely to buy stocks of mainland companies listed there.

"It is absolutely good news for the Hong Kong stock market," said Paul Lee, banking and insurance analyst at Hong Kong-based Taifook Securities.

"The policy will surely be welcomed by Hong Kong investors, because mainland investors' participation will help boost confidence as well as market sentiment," he told China Daily.

"After last week's market turmoil, this policy is timely support for Hong Kong."

The Hang Seng Index jumped 1208 points to close at 21595 yesterday, up 5.9 percent - the highest intraday rise in recent years.

Lee said the mainland will benefit too, as capital diverted from the A-share market will help "prevent over-heating" and "relieve pressure for the yuan to rise".

It is yet to be seen, however, whether the new policy will be well received by mainland investors, Chen said.

"The domestic market has remained strong despite the recent fluctuations and I'm not sure whether many investors would choose to invest abroad, at least for now."

Tianjin's Binhai New Area, chosen for the pilot program, is widely considered the country's third economic engine after Pudong in the Yangtze River Delta and Shenzhen in the Pearl River Delta.



Related Stories  
Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
泰安市| 板桥市| 卫辉市| 宁夏| 大埔区| 富阳市| 广水市| 金湖县| 平湖市| 镇远县| 荔浦县| 河曲县| 惠州市| 天等县| 潢川县| 雷州市| 通许县| 临澧县| 潢川县| 阿城市| 莱阳市| 东乌珠穆沁旗| 静海县| 宁化县| 盖州市| 和硕县| 聊城市| 昌吉市| 即墨市| 宣化县| 晋江市| 荥经县| 石河子市| 新余市| 璧山县| 道孚县| 鹤壁市| 尚义县| 九龙县| 姜堰市| 永新县|