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China, UK to consider stock ties
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CHINA and Britain will study linking the stock markets of London and Shanghai, Britain’s finance minister George Osborne said yesterday, despite weeks of plunging prices on the Chinese exchange.
China’s stock markets have been sometimes likened to “casinos” and the benchmark Shanghai Composite Index soared more than 150 percent in the 12 months through mid-June, in a debt-fuelled rally. They have since plummeted about 40 percent since the bubble burst.
Osborne, who is on a five-day trip to China to promote ties between the two countries, said, however, that a “feasibility study” would be carried out on a possible link between the London and Shanghai exchanges.
“It’s in our interests that we have deeper and more mature financial markets across the world,” said the British chancellor of the exchequer.
“I think London, as the home to the deepest and maturest capital markets, can play an important part in that,” Osborne said.
A “stock connect” between the Shanghai and Hong Kong bourses was launched in November last year, enabling international investors to trade selected shares in Shanghai, while also allowing Chinese mainland investors to buy them in Hong Kong.
Osborne also called for closer business and economic links with China.
“We should be doing more business with China, we should be better connected to the Chinese economy, our financial institutions should establish stronger links,” he said.
“I think that will help China in this important reform and change it’s undergoing,” Osborne said, adding that he thinks it’s also “going to help Britain.”
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