Financial Secretary John Tsang Chun-wah told Hong Kong media on Thursday that the move to connect the stock exchanges of Hong Kong and Shanghai is a step in the direction of mutual benefit. It is also significant in strengthening financial cooperation between Hong Kong and the mainland.
For Hong Kong, mutual market access between the stock markets will facilitate the strategic integration of Hong Kong and the mainland market. It will help in building up a healthy two-way circulation of onshore and offshore yuan. It will also increase the liquidity of Hong Kong's offshore yuan and consolidate Hong Kong's position as an international financial center and offshore yuan center, said Tsang.
Hong Kong Securities Professionals Association chairman Jeanne Lee Sai-yin said on Thursday mutual access between the stock markets of Shanghai and Hong Kong is a very good start. She believes it will boost the daily turnover of both Hong Kong and mainland stock markets.
Lee said the mutual access will increase investment channels for mainland investors. It will be beneficial to Chinese brokers and Hong Kong-listed mainland firms. In the longer term it will also benefit Hong Kong companies.
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