Others News
- NYSE allowed to set up Beijing office
Date: 6-Sep-2007 Sources: (Shenzhen Daily)
THE New York Stock Exchange (NYSE) has become the first foreign bourse to win approval to set up a representative office in Beijing, the securities regulator said yesterday.
During a visit by U.S. Treasury Secretary Henry Paulson last December, China agreed that NYSE Group Inc., parent of the NYSE, and NASDAQ could open offices in Beijing, while the United States gave the green light for China to join the Inter-American Development Bank.
The China Securities Regulatory Commission (CSRC) said the NYSE's Beijing office would be allowed to carry out communication, promotion and research activities in China.
The office will help Chinese companies to learn more about overseas securities markets and various financing channels, thus enabling them to raise funds more efficiently and cheaply, the CSRC said in a statement on its Web site.
It said the office would also help China to keep track of changes in international capital markets.
Many other foreign stock exchanges have applied to open offices in China following a rule change in July, the CSRC said.
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