CICC chairman urges launch of international board
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A trader at the Shanghai Stock Exchange. China plans to launch the yuan-dominated international board in the first half of 2011. |
Li Jiange, chairman of China International Capital Corporation (CICC) and a member of the national Committee of the Chinese People's Political Consultative Conference (CPPCC), urged China to launch the Shanghai international board in first half of 2011.
Preparations for the launch for the international board, which is highly supported by Chinese regulators, have been in the works for nearly four years. According to Li, technical and legal roadblocks have basically been eliminated, and the launch now depends on the final approval from regulators.
The new board, Li said, would create a new platform for the country's economy and allow China's capital market to be better integrated with the rest of the world. In addition, Li said, it would ease current inflationary pressure and make more quality assets available for domestic investors.
"Just like the launch of the futures index last year, market opportunities are always for those with courage," said Li.
Many foreign companies have approached CICC for more information on listing on the international board, according to CICC's managing director Zhang Xiaoming.
All share transactions on the new international board will be settled in yuan, Li said.
China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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