Work on launch of HK ETF completed
By Louise Ho |
February 3, 2012, Friday
|
Print Edition
Print Edition
CHINA has completed preparations for the launch of exchange traded fund (ETF) of Hong Kong stocks on the Chinese mainland market, said Guo Shuqing, chairman of the China Securities Regulatory Commission.
Writing in an editorial published in the China Securities Journal yesterday, Guo however did not mention a time table for the launch of the ETF, an investment fund traded on stock exchanges.
The Hong Kong ETF, one of the initiatives the central government introduced in August last year to make the city an offshore hub for the yuan, allows mainland investors to invest in Hong Kong-listed shares.
Guo also said China will expand the RMB Qualified Foreign Institutional Investors (RQFII) pilot program, launched in December last year, which allows yuan-denominated funds raised in Hong Kong to be invested in the mainland stock market.
It was reported earlier this week the investment quota for RQFII will grow from 20 billion yuan (US$3.17 billion) now to 50 billion yuan.
Since the launch of the RQFII, Guo said the CSRC has allowed nine fund companies and 12 brokerages to trade in the mainland.
Guo will also encourage pension fund assets to be invested in the stock market.
He also pointed out that after 20 years China's stock market has become the world's third largest by market value.
In 2011, 282 companies launched initial public offerings in the A-share market, according to Guo, who added that total financing in the market was 507.3 billion yuan.
But Guo warned again in the editorial that he will not tolerate insider trading.
Writing in an editorial published in the China Securities Journal yesterday, Guo however did not mention a time table for the launch of the ETF, an investment fund traded on stock exchanges.
The Hong Kong ETF, one of the initiatives the central government introduced in August last year to make the city an offshore hub for the yuan, allows mainland investors to invest in Hong Kong-listed shares.
Guo also said China will expand the RMB Qualified Foreign Institutional Investors (RQFII) pilot program, launched in December last year, which allows yuan-denominated funds raised in Hong Kong to be invested in the mainland stock market.
It was reported earlier this week the investment quota for RQFII will grow from 20 billion yuan (US$3.17 billion) now to 50 billion yuan.
Since the launch of the RQFII, Guo said the CSRC has allowed nine fund companies and 12 brokerages to trade in the mainland.
Guo will also encourage pension fund assets to be invested in the stock market.
He also pointed out that after 20 years China's stock market has become the world's third largest by market value.
In 2011, 282 companies launched initial public offerings in the A-share market, according to Guo, who added that total financing in the market was 507.3 billion yuan.
But Guo warned again in the editorial that he will not tolerate insider trading.
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