Investment Updates News
- HK investment plan remains on schedule
Date: 3-Sep-2007 Sources: (Xinhua Online)
THE government's plan to allow individuals to invest directly in Hong Kong-listed securities is proceeding as scheduled, regulatory officials said Friday, but they stopped short of citing a date when investor funds could flow.
Some analysts and commercial bank officials have speculated the program could be formally up and running by the start of September after the plan was first announced two weeks ago.
'Everything is going according to the procedures,'said an official with the China Banking Regulatory Commission.
Because the program was a new venture, regulators wanted to make full preparations to guard against potential risks before launching it, he said, adding that he was not sure when the program would begin.
The program is also seen as an important step toward channelling capital outflows and thus easing the upward pressure on the yuan.
Liu Fuhua, an official in the news department of the China Securities Regulatory Commission, denied some media reports that the planned launch was being delayed by political infighting between his agency and the banking watchdog.
'Whoever said so must not understand our procedures well,'Liu said.
The banking regulator, the State Administration of Foreign Exchange and Hong Kong's securities regulator had primary responsibility for working out the details, he added.
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