【英语财经】港交所李小加:沪港通将加快人民币国际化 HKEx CEO: Hong Kong-Shanghai Link to Speed Yuan Internationalization

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2014-4-30 08:41

小艾摘要: A pilot program linking the Hong Kong and Shanghai stock exchanges will form a key part of China's plans to internationalize its currency, the chief executive of Hong Kong's stock exchange operator sa ...
HKEx CEO: Hong Kong-Shanghai Link to Speed Yuan Internationalization
A pilot program linking the Hong Kong and Shanghai stock exchanges will form a key part of China's plans to internationalize its currency, the chief executive of Hong Kong's stock exchange operator said on Tuesday.

Earlier this month, China's securities regulator said it would allow cross-market stock investment by mainland and Hong Kong investors in an effort to liberalize capital flows.

All trades into Shanghai will be carried out and settled using the yuan, said Charles Li, the head of Hong Kong Exchanges and Clearing Ltd. 'This clearly facilitates the internationalization of mainland capital markets by attracting a broader institutional investor base to China,' Mr. Li said.

Home laws would govern stocks traded between the two exchanges, he added. The program is expected to launch in six months, a goal Mr. Li said was 'quite achievable.'

'When they trade our market, it's our rules. When we trade their market, it's their rules,' Mr. Li said.

The HKEx said it would begin laying out how the mechanism would function in coordination with financial firms in Hong Kong and Shanghai over the coming weeks.

Under the plan, mainland investors with a minimum of 500,000 yuan ($79,950) to invest would be able to trade as much as 10.5 billion yuan of Hong Kong-listed stocks per day, up to a quota of 250 billion yuan.

Investors trading on the Hong Kong market would be able to trade as much as 13 billion yuan per day, up to a total of 300 billion yuan.

Stocks listed on the two exchanges have a combined market capitalization of $5.2 trillion according to data from the World Federation of Exchanges, though their benchmark indexes have underperformed global benchmarks during the past three years. The combined total is more than any other market in Asia, although there is some overlap of dual-listed stocks and not all will be eligible for trading under the plan.

Traders have reacted to the announcement by attempting to arbitrage away any valuation discrepancies between stocks trading at wide gaps on both exchanges.

香港交易及结算所有限公司(Hong Kong Exchanges and Clearing Ltd., 简称:香港交易所)行政总裁李小加(Charles Li)周二表示,沪港股票市场交易互联互通机制试点(简称:沪港通)将成为人民币国际化的重要推动力。

为放宽对资本流动的限制,中国证券监管机构在本月早些时候表示,将允许沪港两地投资者通过当地证券公司(或经纪商)买卖规定范围内的对方交易所上市的股票。

李小加说,针对沪市的买卖都将使用人民币进行交易和结算。李小加说,通过吸引更广泛的机构投资者,这无疑能推动内地资本市场的国际化发展进程。

他还说,所有通过沪港通传递的跨境订单均受到订单撮合与执行地的规则和相关法规监管。沪港通预计将在六个月内启动,李小加认为这一目标是完全可以实现的。

李小加表示,大陆投资者买卖香港股票受香港规定监管,香港投资者买卖大陆股票受大陆规定监管。

香港交易所表示,未来几周其将开始规划该机制如何协调香港与上海金融公司。

根据该计划,证券账户及资金账户资产合计不低于人民币50万元(合79,950)的中国大陆投资者将可参与港股交易,每日额度不超过人民币105亿元,总额度不超过人民币2,500亿元。

香港股市投资者将可参与沪市股票交易,每日额度不超过人民币130亿元,总额度不超过人民币3,000亿元。

根据世界交易所联合会(World Federation of Exchanges)的数据,在这两个交易所上市的股票总市值达5.2万亿美元,但两交易所的基准指数过去三年表现均弱于全球其他基准指数。沪港股市的市值之和超过亚洲任何一个股市,但会有一些双重上市公司股票市值被重复计算的问题,而且也不是所有股票都将被纳入沪港通计划。

交易员对沪港通政策宣布的反应是试图对在两个交易所上市并存在较大价差的股票采取套利操作。

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