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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Foreign holdings of Chinese equities hit record
    2019-11-08  08:53    Shenzhen Daily

FOREIGN holdings of Chinese stocks rose to a record high by the end of the third quarter, despite the ups and downs in a protracted trade dispute with the United States, as China further opens its financial markets to help fund businesses.

By the end of September, Chinese equities held by foreigners were at a record of 1.77 trillion yuan (US$253.14 billion) after having risen for five straight months, up nearly 40 percent in a year, the latest data from the People’s Bank of China show.

China is stepping up opening of its giant capital markets, having recently scrapped investment quotas under the Qualified Foreign Institutional Investor (QFII) program.

Cross-border yuan usage jumped 20 percent in the January-September period on capital market opening, with about 6 trillion yuan in cross-border yuan payment for securities investment, according to a central bank official.

The data also showed foreign investors had been net buyers of A shares through the Stock Connect linking Hong Kong and the mainland for the past five months through October, purchasing a net 158.2 billion yuan worth of A shares.

The Stock Connect is a program to allow foreign investors convenient access to the A-share market.

Robust foreign inflows into the stock market of the world’s second-largest economy come as major international index providers, including MSCI, FTSE Russell and S&P, have begun or are stepping up inclusion of China’s A shares and bonds on global indexes.

The heaviest foreign flows were into the consumer sector, as foreign investors hoped for China’s policy stimulus to bolster an economy hurting in a trade war with the United States.

China has rolled out a raft of measures to boost domestic consumption, which accounts for over 60 percent of its economy, to help shore up faltering demand.

The consumer sector remained the most preferred by the northbound flows via the Stock Connect, with food and beverage, home appliances and health care stocks making up 40 percent of those foreign investors’ A share holdings by market value, analysts at Essence Securities said in a report. (SD-Agencies)

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