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中国证监会11moon10announced that the Shanghai-Hong Kong stock market interconnection pilot program will be launched on17The opening of China's capital market to the outside world is at a new starting point. Along with the much-anticipated Shanghai-Hong Kong Stock Connect entering the "countdown", China's capital market opening up to the outside world has stood on a new starting point.

Benefited from the official launch of Shanghai-Hong Kong Stock Connect next Monday, the two stock indexes continued to move up, the Shanghai index rose1.5%Breakthrough2455points, again hitting a new high; the Hang Seng Index10Significantly better on the day, opening with a big gain524.61Points.24074.85points, a gain of2.23%The

In accordance with the relevant arrangements, since11moon17With effect from January 1, 2012, Mainland and Hong Kong investors can trade stocks listed on the other exchange within the prescribed limits through local securities companies or brokers through the Hong Kong Stock Connect and Shanghai Stock Connect channels. At the initial stage of the pilot program, the total amount of Shanghai Stock Connect is3000billion dollars, daily quota130billion yuan; the total amount of Hong Kong stock quota is2500billion dollars, daily quota105Billions of dollars. The parties may adjust the investment amount according to the pilot.

This means that the opening of the "Shanghai-Hong Kong Stock Connect" will bring a certain scale of incremental capital to the Shanghai and Hong Kong markets. Among them, the daily quota of Shanghai Stock Connect is equivalent to the amount of money in Shanghai market.9Nearly half of the average daily trading volume for the month of7.7%However, the greatest significance of the "Shanghai-Hong Kong Stock Connect" does not lie in the amount of capital to be introduced. However, the greatest significance of the "Shanghai-Hong Kong Stock Connect" does not lie in the amount of capital to be brought in, but whether it can maximize the in-depth opening and reform of the capital market.

 

Hong Kong government welcomes the launch of "Shanghai-Hong Kong Stock Connect".

The Shanghai-Hong Kong Stock Connect is a mutually beneficial co-operation scheme that promotes the opening up of the stock markets of both sides, which not only facilitates the gradual liberalization of the Mainland's capital account and the internationalization of the Renminbi (RMB), but also reinforces and enhances Hong Kong's position as an international financial center and an offshore RMB business center.

Hong Kong Financial Secretary John Tsang Chun-wah said: "I am very pleased that the Shanghai-Hong Kong Stock Connect will be launched next Monday. I would like to thank the relevant ministries and commissions of the Central Government for their continuous support from the conceptualization of the Shanghai-Hong Kong Stock Connect to the gradual completion of the detailed preparatory work."

Mr. Tsang said: "The Shanghai-Hong Kong Stock Connect will soon enter the operation stage, we will continue to work hard to do a good job in monitoring and risk management, so that the Shanghai-Hong Kong Stock Connect can contribute to the country's economic and financial reforms and consolidate Hong Kong's position as an international financial center."

Hong Kong government sources said that as the Shanghai-Hong Kong Stock Connect is a first attempt, cross-border investment will be subject to quota management in accordance with the principles of gradual and orderly progress and risk control.

The maximum cumulative net amount and the maximum daily net amount to be invested by Hong Kong and overseas investors in the purchase of stocks listed on the Shanghai Stock Exchange within the scope of the regulations are as follows, respectively3,000RMB 100 million and130The cumulative net amount involved in the purchase of stocks listed on the Stock Exchange of Hong Kong within the prescribed scope by Mainland qualified investors is RMB 100 million.2,500billion yuan, and the net amount of daily inputs is measured in terms of105The cap is RMB 100 million.

Appropriate adjustments to the above limits will be considered in the light of the actual operational situation. The pilot scheme for the interconnection of the stock markets of Hong Kong and Shanghai was launched by Premier Li Keqiang of the State Council in June 2011, and is expected to be implemented in the near future.4moon10The announcement was made at the opening ceremony of the Boao Forum on Sunday.

The Scheme allows eligible Mainland investors to invest through the Shanghai Stock Exchange (SSE).(Shanghai Stock Exchange (SSE))The Stock Exchange of Hong Kong Limited within the prescribed scope of the Initial Direct Deals(Hong Kong Stock Exchange)It will also allow Hong Kong and overseas investors to trade directly for the first time through the Stock Exchange of Hong Kong in the shares of companies listed on the Shanghai Stock Exchange within the prescribed scope.

 

沪港通钱景究竟钱景如何？

Started in the last century80The mainland Chinese stock market at the end of the 1990s was almost completely closed for many years. The limited market size and imperfect trading mechanism made theAThe stock market is characterized by a distinctive "retailization", and volatility is much higher than that of mature markets. Along with the wave of global economic integration, the demand for financial capital to realize global asset allocation has become increasingly strong.

2002surname Nian12In January, the CSRC promulgated and put into effect the Interim Measures for the Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors (QFIIs).QFIIThe system was officially launched.9years later, in response to meeting the demand for huge offshore RMB investments.RQFIIThe first to "land" in the Hong Kong market.

Information from China's State Administration of Foreign Exchange shows that as of this year9moon26day, there have been256classifier for families or businesses e.g. shops, companiesQFIITotal approved622.11billion dollars in investment volume.9late in the monthRQFIITotal amount up to2833billion, of which the Hong Kong region receivedRQFIIThe limit has been reached.2700Billions of dollars.

ifQFIIrespond in singingRQFIIbeAWhile the Shanghai-Hong Kong Stock Connect is a "small door" opened to overseas investment capital, the Shanghai-Hong Kong Stock Connect is a "big door" opened by China to enhance the openness of its local market.

As a matter of fact, from the approval in principle of the "Shanghai-Hong Kong Stock Connect" pilot program to the official opening of the "door", the "door" of the "door" of the "door" of the "door" of the "door" has been opened.7In the past few months, the effects of liberalization have already appeared in advance - benefiting from the "Shanghai-Hong Kong Stock Connect" for the first time.AThe blue chips of the stock were boosted by the Shanghai Stock Connect underlying SSE180The index has shown a generally oscillating upward pattern over the past few months; the Hang SengAHshare premium index11moon7daily close99.27Points that show thatAshareholdersHSpreads between stocks are largely in equilibrium.

In the view of Hu Ruyin, chief economist of the Shanghai Stock Exchange, the interaction and chain effect generated by the interconnection between Shanghai and Hong Kong is not only manifested in the valuation of the mainland stock market in line with the international standards, but also more importantly and crucially, its basic rules of the game, systems, concepts, trading mechanisms, product lines, regulation and other areas of the gradual and full convergence with the international.

Gui Haoming, chief analyst at the Shenyin Wanguo Securities Research Institute, said that experience has proved that the mutual liberalization of securities markets in various countries and regions has played a positive role in the dissemination of advanced investment concepts, in ironing out excessive market volatility and in enhancing the ability to resist risks.

"This is an important milestone in the liberalization of the mainland's capital account." Norman Chan, chief executive of the Hong Kong Monetary Authority, said allowing overseas investors to access the mainland through Hong KongAThe stock market also allows mainland residents to trade Hong Kong stocks through Shanghai, and the opening up of the stock markets of the two places will also push the development of Hong Kong's offshore RMB business to a higher level.

 

One currency linking two markets is the highlight of Shanghai-Hong Kong Stock Connect.

Before the opening of the Shanghai-Hong Kong Stock Connect, direct investment in Hong Kong stocks by mainland residents was not permitted by regulations. In practice, there is the phenomenon of mainland residents bypassing the relevant restrictions through some means and methods to open accounts in Hong Kong to buy and sell Hong Kong stocks, but this process involves complicated procedures, cumbersome exchange of foreign exchange, and huge hidden risks.

After the opening of the Shanghai-Hong Kong Stock Connect, Hong Kong Stock Connect investors on the mainland can use Shanghai RMB common stock accounts to trade, and the trading process is the same as buying and sellingAThe stocks are basically the same, one click away. Investors who do not yet have a Shanghai account do not need to go to Hong Kong to open an account, but only need to open an account in the mainland securities companies. Stocks on the "Hong Kong Stock Connect" are quoted in Hong Kong dollars, and mainland investors actually pay or receive RMB for buying and selling Hong Kong stocks through the "Hong Kong Stock Connect". "RMB in, RMB out" greatly improves the convenience of investment.

After the opening of the Shanghai-Hong Kong Stock Connect, investors use RMB stock accounts to trade Hong Kong stocks and settle directly with securities companies in RMB, avoiding the limitation on the amount of foreign exchange exchange, thus also improving investment efficiency. At the same time, the Shanghai-Hong Kong Stock Connect also helps in exchange rate risk management, which is mainly reflected in the shortening of the two-way conversion time between Hong Kong dollar assets and RMB currency assets.

Before the opening of the Shanghai-Hong Kong Stock Connect, the "RMB" in the process of buying and selling Hong Kong stocks–Hong Kong dollar–The process of "Renminbi" capital flow inevitably gives rise to the problem of "erosion of exchange differences", and the exchange rate difference between the two currency exchange processes itself will erode the economic interests of investors.

After the opening of the Shanghai-Hong Kong Stock Connect, in the commissioned securities companies to buy and sell Hong Kong Stock Connect order, the trading software will have a reference exchange rate to prompt investors, in the settlement of funds, the China Securities Depository and Clearing Corporation will be based on the market-wide Hong Kong Stock Connect turnover of the amount of liquidation and the exchange bank exchange rate after the calculation of the settlement of the exchange ratio, which is used for the settlement of the actual investor should be paid or received in RMB. And, each trading day, the exchange amount is based on the net rolling difference settlement of the inflow and outflow of funds, the exchange amount of the day is much smaller than the turnover, which saves the cost will be distributed back to the average unit of the transaction, it can be imagined that the investors through this "group purchasing" and the rolling difference settlement, to be able to enjoy the lower cost that can not be enjoyed by the solo.

With the opening of the Shanghai-Hong Kong Stock Connect, "one currency linked to two markets", one account can purchase stocks in both markets, and one currency can purchase stocks in both ways of marking up, all of which greatly reduce the restrictions on investment and undoubtedly help to enhance market efficiency.

 

A New Start for China's Capital Market Opening

The "Shanghai-Hong Kong Stock Connect" is not the end of the opening up of China's mainland capital market to the outside world, but a new starting point.

10moon8On September 28, the China Securities Regulatory Commission (CSRC) issued a number of initiatives to support the innovative development of Shenzhen's capital market. In addition to the "Shanghai Free Trade Zone financial support policies in Qianhai", "Shenzhen-Hong Kong Stock Connect" was included in the scope of support. The central bank officials recently revealed in public that the central bank is designing theRQDIIMechanisms to promoteQDII2(Qualified Domestic Individual Investor Mechanism), as well as promoting the issuance of RMB-denominated shares by domestic enterprises abroad.

For the young Chinese capital market, reform, opening up and development are always the three most important propositions. In the search for solutions to the proposition of "opening up", there are more answers to look forward to besides the "Shanghai-Hong Kong Stock Connect".