Last week's simultaneous listing of Industrial and Commercial Bank of China in Hong Kong and Shanghai, the world's biggest initial public offering that raised as much as US$21.9 billion (HK$170.82 billion), will be a model for future listings of the country's big companies.
Days after the currency market ban, a Shanghai court ruled that FTSE/Xinhua had invalidated its contract with the Shanghai Stock Exchange for providing the FTSE/Xinhua A50 Index of top Chinese shares to the Singapore Exchange, which launched Chinese stock index futures in September.
The ban targeted a growing, little regulated market in which banks bet on the long-term direction of the yuan, which it wants to appreciate only gradually. The move also appeared designed to boost China's onshore forwards market
The steps may include allowing faster appreciation of the yuan, easing the requirement that yuan trading must be based on commercial demand, and widening the yuan's trading band, Wang said in a report this week
Chinese companies will continue to list on overseas stock exchanges to attract international investment and recognition, but starting this year they have been encouraged to list in domestic markets as well.
Authorities are keen to have the bulk of such trading occur within the country, where they can more easily influence prices if needed and where local financial firms can profit, bankers and sources in the securities industry say.
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