Trade between Shanghai, HK exchanges to be settled in yuan
Print Edition
TRADE between the Shanghai and Hong Kong bourses will be settled in yuan, the Chinese mainland’s securities regulator said yesterday.
This will be different from the current Qualified Foreign Institutional Investor mechanism, which allows investment in overseas currencies, said Zhang Xiaojun, spokesman for the China Securities Regulatory Commission.
The pilot program will not affect the QFII, the Qualified Domestic Institutional Investor and the Renminbi Qualified Foreign Institutional Investor, but will supplement them and provide more choices for overseas capital, Zhang said.
The QFII, QDII and RQFII mechanisms allow overseas investors to buy stocks and bonds on the Chinese mainland.
The pilot program is designed to promote the internationalization of the yuan and development of Hong Kong as an offshore yuan business center, said a joint statement by the CSRC and the Hong Kong Securities and Futures Commission on Thursday.
Under the program, investors in Hong Kong can buy up to 13 billion yuan (US$2.09 billion) a day in mainland shares, with an aggregate quota of 300 billion yuan. Mainland investors will be allowed to buy up to 10.5 billion yuan a day in Hong Kong, with an overall limit at 250 billion yuan.
The program will only involve dual-listed stocks and designated stocks in the two bourses. Mainland investors will have to be institutional ones or individuals with 500,000 yuan in the account.
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