The Shanghai-Hong Kong Stock Connect officially kicked off on 17th of November, 2014. That marks that China has taken another big step towards liberalizing its markets after the launch of the Shanghai Free-Trade Zone.
The Shanghai-Hong Kong Stock connect was announced by Chinese premier Li Keqiang in April this year as part of Beijing’s push to liberalize its economy and gradually to make the yuan more freely convertible.
The opening of the Shanghai-Hong Kong Stock Connect will allow investors in Hong Kong and mainland China to trade a specified range of listed stocks in each other’s market through their respective local securities companies, thereby helping to promote and strengthen the connection between Hong Kong and mainland capital markets.
This scheme is regarded as one of the most significant openings of China’s capital account in a decade and is expected to allow the equivalent of $3.8 billion a day in cross-border transactions.
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