BIZCHINA / Center
ICBC launches yuan investment service in HK
(Xinhua)
Updated: 2007-05-30 11:11
The Industrial and Commercial Bank of China (ICBC) on Tuesday launched a
service to help investors buy stocks in Hong Kong with mainland currency,
a first step in widening overseas investment scope for domestic lenders.
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Individual investors would be able to buy stocks, bonds and other
financial products by entrusting their yuan-denominated assets to the
ICBC, said a management official with ICBC, the country's biggest lender.
The service provided a wider channel for mainland Chinese to invest
overseas and they could expect higher yields from the H-share market,
said insiders.
On May 11, the China Banking Regulatory Commission announced that
mainland commercial banks offering overseas wealth-management services
could invest in a wider range of asset classes, including equities and
equity funds authorized by a supervisory authority with whom the
commission has a memorandum of understanding.
Securities and Futures Commission Chairman Eddy Fong said the move would
result in a win-win scenario for both the mainland and Hong Kong.
Mainland investors would be able to enjoy a wider choice of investment
products in Hong Kong, while benefiting from Hong Kong's existing
asset-management industry, Fong said.
(For more biz stories, please visit Industry Updates)
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