Stocks News
- Former adviser opposes HK stock plan
Date: 22-Nov-2007 Sources: (Shenzhen Daily)
THE government shouldn't proceed with the proposed program that would let mainlanders buy Hong Kong-traded stocks directly, former central bank adviser Yu Yongding wrote in a column posted on the Financial Times' Web site yesterday.
'It is absolutely necessary to maintain capital account control,'' wrote Yu, a former member of the People's Bank of China's monetary policy committee. 'I am against the plan to relax capital controls to ease yuan-appreciation pressure.'' China can't stand attacks from huge flows of international capital, Yu wrote, saying China's financial markets were weak and its investors have surprisingly high preference for risk.
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