SAFE buys into A-share market

Analyst says Wutongshu is playing key role in management of foreign exchange reserves

The State Administration of Foreign Exchange has started to allocate funds through its investment platform in the mainland's A-share market, a move believed to perfect its foreign exchange management and promote the development of the domestic capital market, experts said.

Wutongshu Investment Platform Co Ltd, a platform wholly owned by the SAFE, has just become a major shareholder of Bank of Communications Co, Industrial and Commercial Bank of China, Bank of China, Shanghai Pudong Development Bank and Everbright Securities Co Ltd.