Merchants Securities submits QDII Plan
(Shanghai Daily)Updated: 2007-06-25 13:38
China Merchants Securities Co has submitted its plan to buy
shares overseas to the State Administration of Foreign Exchange, China Business
News reported, citing company Vice President Zhang Yuping.
The brokerage
plans to design financial products with Merrill Lynch & Co and enable
qualified domestic institutional investors to buy stocks abroad under the
so-called QDII program, the Shanghai-based paper said, without giving details,
Bloomberg reported.
China allowed its brokerage companies and mutual
funds to buy shares overseas for the first time on June 20, as part of efforts
to help securities firms diversify from the local stock market and to slow
growth in the country's US$1.2 trillion of foreign reserves.
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