China regulator tight-lipped on launch of stock connect scheme
Despite the lack of concrete news, HK and mainland regulators sign memorandum indicating final preparations for the pilot scheme are on
The much-awaited press conference yesterday by the mainland's securities regulator turned out to be yet another damp squib as no announcement was made on the launch date of the through train.
Other signs over the day indicated the countdown to the much-awaited stock connect scheme linking the mainland and Hong Kong stock markets has begun in earnest.
The China Securities Regulatory Commission was tight-lipped on the through train launch date during a weekly media briefing. However, Hong Kong and mainland regulators signed an important memorandum of understanding on joint investigation into rogue companies, indicating the final preparations for the pilot scheme are on.
Earlier in the day, Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia said there was no timetable for starting the cross-border trading system, which is widely expected to debut this month.
The latest market buzz is that Premier Li Keqiang will review the preparatory work for the stock connect programme when he returns from a 10-day visit in Europe tomorrow before giving the final approval.
The CSRC cannot move on the launch date without approval from the State Council headed by the premier.