Mechanism to facilitate connectivity
Print Edition
THE central bank yesterday announced a capital market connectivity mechanism between the Chinese mainland and Hong Kong.
Hong Kong Securities Clearing Co is allowed to open a special yuan bank account at a mainland bank, which will deal with businesses on the Shanghai Stock Exchange and Shenzhen Stock Exchange, according to a circular jointly released by the PeopleÕs Bank of China and the China Securities Regulatory Commission.
China Securities Depository and Clearing Co is also allowed a special bank account at a Hong Kong bank to deal with the Hong Kong stock exchange, said the circular.
The two banks should abide by the law to carry out obligations of anti-money laundering, anti-terrorist financing and anti-tax evasion, said the circular.
The mechanism aims to facilitate capital market connectivity between the Chinese mainland and Hong Kong and standardize cash flow, said the circular.
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