The start date for the planned trading link between the stock markets of Hong Kong and Shanghai will be given soon, Hong Kong’s chief executive said after meeting President Xi Jinping. “I can share good news with you here,” Leung Chun-ying told reporters in Beijing. “Related authorities will announce a formal launch date in the near future.” China is counting on the bourse link, which will allow a net 23.5 billion yuan (USD3.8 billion) a day in cross-border purchases, to help liberalize its financial system and increase use of the nation’s currency. Regulators have signaled that work has been completed for the trading link. Hong Kong Finance Secretary John Tsang said in his blog yesterday that the city has basically finished preparations, while Shanghai Securities News cited China Securities Regulatory Commission Vice Chairman Yao Gang on Oct. 30 as saying the arrangements were in their final stages.
China exports up 11.6 percent, imports 4.6 percent
China’s trade growth slowed in October but remained robust, with exports rising 11.6 percent compared to the same period the previous year. The Customs Administration said yesterday that last month’s exports of USD206.9 billion reflected a deceleration from September’s rate of 15.3 percent, which was the fastest growth rate in more than 1 ½ year. October imports of $161.5 billion were up 4.6 percent from the previous year, a growth rate somewhat less than expected by some economists. China’s communist leaders are hoping to nurture domestic consumption to fuel growth as an alternative to relying on exports to support employment.
No Comments