Mark Boleat, Policy Chairman at the City of London Corporation, welcomes Shanghai-Hong Kong stock connect scheme:

“I welcome the landmark Shanghai–Hong Kong Stock Connect scheme, which will allow overseas investors to gain direct exposure to China’s equity market. This move is testament to the innovative approach from China in continuing to open up its capital markets and the strong reaction from investors (the daily limit for buying Shanghai stocks under the scheme was used up by mid-afternoon) demonstrates that many market participants from around the world have also welcomed the move. We expect to see further strengthening of links between China’s and corresponding international institutions – including in the UK – in future, for the benefit of all.”

Financial services cooperation between leading financial centres has not been limited to Shanghai and Hong Kong over the past week. Last week was a productive one for UK partners involved in the internationalisation of the RMB. The 4th Economic and Financial Dialogue led by the Hong Kong Monetary Authority and HM Treasury were held in London, where private sector representatives from both centres met to discuss progress over the past year in developing products and services and further options for collaboration. Meanwhile the City of London’s Advisory Council for China met for its biannual meeting, with special guests from the Shanghai Stock Exchange. Topics discussed including the effectiveness of China’s bond markets. The Policy Chairman of the City of London also participated in the London Renminbi Markets Conference organised by the Asia Securities Industry & Financial Markets Association (ASIFMA), which brought together a wide range of industry experts and public sector representatives from centres across Europe and Asia to discuss internationalisation of the RMB and how different centres can work together with China to support the smooth and effective integration of RMB as a mainstream currency for global trade and investment.