China to let its Banks buy shares overseas

Submitted by Webmaster on Sun, 03/06/2007 - 10:55

May 11 (Bloomberg) — China will let its banks buy shares overseas for the first time, diverting some of the country’s 35 trillion yuan ($4.6 trillion) of savings from a local stock market where trading has surged sevenfold.Commercial banks can invest as much as 50 percent of funds in the qualified domestic institutional investors program, [...]

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