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China regulator says preparing for Shenzhen-Hong Kong stock connect

Friday, August 12, 2016 - 17:38
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The China Securities Regulatory Commission (CSRC) is actively preparing for the Shenzhen-Hong Kong stock connect and will launch the scheme sometime this year, the regulator said Friday.

[SHANGHAI] The China Securities Regulatory Commission (CSRC) is actively preparing for the Shenzhen-Hong Kong stock connect and will launch the scheme sometime this year, the regulator said Friday.

The regulator has also set up a small working group to coordinate the launch, CSRC said in a statement on its official microblog.

The online financial magazine Caixin had reported on Thursday that CSRC had set up such a group.

In March, Premier Li Keqiang also stated that China would strive to launch the connect this year.

The Shenzhen-Hong Kong Stock Connect is a cross-border investment programme modeled after the Shanghai-Hong Kong Stock Connect, which was launched in Nov 2014, and allows mainland investors to buy Hong Kong stocks, and vice versa.

Hong Kong Exchanges and Clearing Ltd (HKEX) said in its mid-year report that the exchange was technically ready for the Shenzhen-Hong Kong Connect scheme, and was only waiting for regulatory approval.

REUTERS