UK and China Agree Closer Ties Between London and Shanghai Stock Markets

Investors look at an electronic board showing stock information an a brokerage house in Shanghai. (Reuters Photo/Aly Song)

By : David Milliken and Andy Bruce | on 5:00 AM November 11, 2016
Category : International, Asia-Pacific

London. Britain and China have agreed to press on with closer links between London and Shanghai's stock exchanges, British finance minister Philip Hammond said on Thursday (10/11) after meeting Chinese Vice Premier Ma Kai.

"Both exchanges will now work together to research and prepare implementation arrangements," Britain's finance ministry said.

Hammond, speaking at a news conference alongside Ma, said the financial services sector would act as a template for cooperation in other sectors.

China planned to grant British banks licences to underwrite so-called panda bonds issued in China, and to gradually relax foreign ownership restrictions for fund managers and life insurance firms, Hammond added.

Reuters

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