CRI NEWS

Ping An Eyes Overseas Capital Markets

2005-1-4 14:01:15 CRIENGLISH.com

Ping An Insurance Company of China is likely to become the first Chinese insurer to enter the overseas capital markets this year.

Ping An Insurance Company of China is likely to become the first Chinese insurer to enter the overseas capital markets this year.

The Hong Kong-listed firm has sent an application to China's foreign exchange regulator for an investment quota.

It's the only Chinese insurer to do so, four months after the promulgation of rules allowing qualified insurers to invest in overseas markets.

The rules also allow foreign and Sino-foreign insurers operating in the country to invest in overseas markets, in a bid to help them improve investment yield.

According to the regulations, Ping An is allowed to invest up to 80 per cent of its total forex holdings in overseas markets.

But it will be required to invest mostly in bonds with high credit ratings and relatively safe money market instruments. It can not invest in stocks.

(Photo source:Sina)

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