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China allows mainland investors to open multiple A-share accounts
[SHANGHAI] China will allow investors in the country's A-share stock markets to open multiple accounts starting on Monday, the country's clearing house said on Sunday.
The move will help support development and innovation in the capital markets, China Securities Depository and Clearing Co Ltd (CSDC) said in a brief statement.
Chinese stocks hit seven-year highs last week, shaking off investor concerns that a spate of looming initial public offering would drag down a recent bull run for mainland shares. "We will cancel the 'one person, one account' restriction for normal investors, and permit investors - according to their need - to open multiple A-share accounts on the Shanghai and Shenzhen bourses," the CSDC said.
The clearing house added it would strictly control the process to ensure that only investors who had real need of multiple accounts would be allowed to open them.