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Mainland residents will, for the first time, be allowed to directly invest in overseas securities under a pilot program to be launched in the northern port city of Tianjin. Investors can use their foreign exchange or purchase foreign currency to open an account in Hong Kong. The move is seen as an important measure to widen the channels for foreign exchange outflows and promote basic balance in international payments.
Investment Reqirements
v Pilot spot: Tianjin Binhai New Area
v Amount limit: 50,000 U.S. dollars annually
v Qualified Agents: Bank of China's Tianjin branch or Bank of China International Securities in Hong Kong
v Products: stocks traded in Hong Kong Exchanges and Clearing
v Capital origin: self-hold or purchased foreign exchange
links
v State Adiministration of Foreign Exchanges
v Hong Kong Exchanges and Clearing Limited
v Bank of China
Hot Issues
Hong Kong-Mainland Closer Economic Partnership Arrangement
Mainland residents will, for the first time, be allowed to directly invest in overseas securities under a pilot program to be launched in the northern port city of Tianjin.
HK Stocks Create a Buzz
Mainland investors have shown strong interest in buying Hong Kong stocks after individuals got approval to directly invest in the market last Monday.
Customers Swarm to Trade HK Shares
Four Tianjin outlets of the Bank of China today began to process domestic investors' requests to open accounts to directly trade Hong Kong-listed shares.
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Market Reaction
• Customers Swarm to Trade HK Shares
• HK Stocks Seen Up on China Investment Pilot Plan
• HK Welcomes Mainland's Decision in HK Securities
• HK Stocks Soar on Investment Pilot Plan
• Chinese Share Prices Continue to Hit Record High
• Mainland Investors Allowed to Buy Overseas Shares
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QDII News
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• JPMorgan's China Fund JV Aims for $1 Bln QDII Fund
• Banks Get 13 Bln Yuan of QDII Investment Quota
• China's Banks Use Only 26% of QDII Quota in H1
• Regulator to Expand QDII Quota
• First Fund Managed QDII Product Seeking Go-Ahead
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Policy Intention
v Broaden the range of investments for mainland residents
v Enhance the cooperation between the mainland and Hong Kong stock markets
v Promote basic balance in international payments
v Impel the opening of China's capital account
v Channel the excessive liquidity in mainland market
Comments
v The use of HK's financial platform for mainland individuals to invest in securities offshore is a clear demonstration of the mutually-assisting, complementary and inter-active relationship between the financial systems of the mainland and HK.
--John Tsang, financial secretary of the HK SAR
v It will help ease liquidity pressure in the country as foreign exchange reserves pile up rapidly.
--Chen Jijun, analyst with Beijing-based CITIC Securities
v It is absolutely good news for the Hong Kong stock market.
--Paul Lee, banking and insurance analyst at Hong Kong-based Taifook Securities
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