The story appears on

Page B2

June 24, 2010

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Finance

International board gets CSRC attention

ONE of the priorities of China's securities regulator this year is to get the international board on track, as well as institute a mechanism to allow companies listed on the board to convert the capital raised for overseas investment, according to a China Securities Regulatory Commission official yesterday.

The Shanghai Stock Exchange is preparing to let qualified overseas companies to sell yuan-backed A shares to improve investment channels in the country's capital market.

"After years of development, the market can accept the new type," Wang Jianjun, an official at the CSRC, said yesterday in Shanghai.

"The international board can add investment products for investors and can help diversify the outlet for China's foreign exchange reserves," he said.

Overseas companies seeking a listing on the pending international board will be allowed to convert the yuan-backed capital raised in Shanghai for investment overseas if needed, Wang said.

China's forex reserves topped US$2.45 trillion by the end of March and are the world's biggest.

HSBC, the biggest bank in Europe, expects to raise "a significant amount" of funds from its listing on the international board in Shanghai, CEO Michael Geoghegan said earlier this month.

The Shanghai stock market is the world's third-biggest in terms of turnover and No. 6 by market value in 2009.

China Insurance Regulatory Commission is teaming up with Pudong New Area government to expand investment options for insurance capital in Shanghai.

Insurers will be allowed to invest in Shanghai's infrastructure, health care and pension sectors.




 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend