Citi establishes clearing and settlement service for Beijing Stock Exchange
Reuters
Published Jan 14, 2022 02:04AM ET
SHANGHAI (Reuters) - Citigroup Inc (NYSE:C) said on Friday it has established clearing and settlement services for the new Beijing Stock Exchange and the city's New Third Board, in order to facilitate foreign investment.
The move enables Citi to support Qualified Foreign Institutional Investors (QFII) to trade in the two equity markets, Citi said in a statement. The QFII scheme allows overseas investors to access China's onshore markets.
"Our ability now to support settlement and clearing activity for the launch of the Beijing Stock Exchange reiterates our support and confidence in the China market," said Christine Lam, Chief Executive Officer of Citi China.
China launched the Beijing Stock Exchange in late 2021 to help small and medium-sized enterprises (SMEs) raise funds, underpinning President Xi Jinping's "common prosperity" policy aimed at reducing wealth gaps in the country.
Citi China established the clearing and settlement route with China Securities Depository and Clearing Corp. Ltd. (CSDCC), according to the statement.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.