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Top officials say China near launch of international board
By Zhang Fengming |
May 20, 2011, Friday
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Online Edition
Online Edition
CHINA is actively pushing forward preparation of an international board on the Shanghai Stock Exchange with the launch "just around the next corner," senior officials and regulators told the Lujiazui Forum today in Shanghai.
"I want to tell you all that the international board is coming closer and closer to us," said Shang Fulin, chairman of the China Securities Regulatory Commission.
Shanghai Party Secretary Yu Zhengsheng told the forum that the city will actively press ahead with the plan to let qualified overseas institutions sell yuan-denominated bonds and shares in Shanghai as the city aims to become a dominant financial hub by 2020.
"Shanghai will make use of expansion of a cross-border yuan settlement program to develop markets for foreign firms to issue yuan bonds and shares," Yu said. "We will better leverage global financial assets through such programs in Shanghai."
NYSE Euronext is working with the Chinese government and Shanghai's stock exchange to prepare for the launch of the city's international board, NYSE Euronext Chairman Jan-Michiel Hessels said in Shanghai today.
Market speculations are mounting that the long-anticipated international board, on which overseas companies can sell yuan-backed shares, may debut in the second half of this year.
Overseas firms such as HSBC, Standard Chartered, Bank of East Asia, Procter & Gamble, Unilever and Royal Dutch Shell have all expressed interest in listing in the new board.
Also at the forum, Zhou Xiaochuan, governor of the People's Bank of China, said that China should and can follow the macro-prudent supervision as soon as possible to better manage the economy.
China's high savings rate may lead to high investment growth and cause overheating, overcapacity or asset bubbles, he said, noting that prudent supervision is needed against the background.
China now requires a minimum 11.5 percent requirement on the country's Big-Five banks' capital adequacy ratio to caution against financial risks. China needs to strike a balance between economic growth and consumer prices, Zhou said.
China is "cautiously" promoting cross-border use of the yuan in financial transactions in addition to trade and investment, he said, adding that the convertibility of the yuan should be a gradual, orderly, mid-to-long-term process.
CSRC's Shang said direct-financing, such as bond and stock sales, still accounts for a small portion of total financing in China though it's growing rapidly in China. "It makes financial risks highly concentrated in the banking sector," he said.
"I want to tell you all that the international board is coming closer and closer to us," said Shang Fulin, chairman of the China Securities Regulatory Commission.
Shanghai Party Secretary Yu Zhengsheng told the forum that the city will actively press ahead with the plan to let qualified overseas institutions sell yuan-denominated bonds and shares in Shanghai as the city aims to become a dominant financial hub by 2020.
"Shanghai will make use of expansion of a cross-border yuan settlement program to develop markets for foreign firms to issue yuan bonds and shares," Yu said. "We will better leverage global financial assets through such programs in Shanghai."
NYSE Euronext is working with the Chinese government and Shanghai's stock exchange to prepare for the launch of the city's international board, NYSE Euronext Chairman Jan-Michiel Hessels said in Shanghai today.
Market speculations are mounting that the long-anticipated international board, on which overseas companies can sell yuan-backed shares, may debut in the second half of this year.
Overseas firms such as HSBC, Standard Chartered, Bank of East Asia, Procter & Gamble, Unilever and Royal Dutch Shell have all expressed interest in listing in the new board.
Also at the forum, Zhou Xiaochuan, governor of the People's Bank of China, said that China should and can follow the macro-prudent supervision as soon as possible to better manage the economy.
China's high savings rate may lead to high investment growth and cause overheating, overcapacity or asset bubbles, he said, noting that prudent supervision is needed against the background.
China now requires a minimum 11.5 percent requirement on the country's Big-Five banks' capital adequacy ratio to caution against financial risks. China needs to strike a balance between economic growth and consumer prices, Zhou said.
China is "cautiously" promoting cross-border use of the yuan in financial transactions in addition to trade and investment, he said, adding that the convertibility of the yuan should be a gradual, orderly, mid-to-long-term process.
CSRC's Shang said direct-financing, such as bond and stock sales, still accounts for a small portion of total financing in China though it's growing rapidly in China. "It makes financial risks highly concentrated in the banking sector," he said.
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