国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Economy

Markets

Industries

Insights

Reports

Events

Relaxed dollar curbs, rally prompt new share accounts

(China Daily/Agencies)
Updated: 2009-11-19 08:07

Investors opened more accounts to trade local and foreign-currency shares in China as benchmark indexes extended a rally and regulators relaxed restrictions on buying dollars.

New brokerage accounts for dollar-denominated B shares jumped 68 percent to 1,366 in the week ending Nov 13 from the previous week, according to clearing house data. That's the most in three months.

Accounts for yuan-denominated A shares rose to 304,698 from 299,891.

The Shanghai B-Share Index jumped 14 percent last week, the biggest gain in a year, as the State Administration of Foreign Exchange said it will allow more institutions across the country to offer currency exchange services. The shares also rose on expectations that the government will resume the yuan's appreciation.

"The rally has been drawing new investors into the market," said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co, which manages about $285 million. A rising yuan and improving economy would help push stocks higher, he said.

Related readings:  Rush to open trading accounts  Number of new stock accounts up in September  Mainland stimulus dollars buoy up Taiwan tech sector  China's role in dollar debate suggests a fundamental shift

B shares, which can only be bought and sold by domestic individuals and overseas investors, are traded in US dollars in Shanghai and Hong Kong dollars in Shenzhen. A higher yuan against the dollar would boost the value of the stocks' assets because they are denominated in the Chinese currency.

Twelve-month non-deliverable forwards for the yuan strengthened 5.6 percent to 6.6235 per dollar. The contracts show traders are betting on a 3.1 percent advance in yuan in a year from its spot ate of 6.8265.

For both A and B shares, investors opened 306,064 stock accounts last week, the most since the five days ending Sept 25 and rising for a fifth week.

The benchmark Shanghai Composite Index has gained 18 percent this quarter, the second-best performer among 89 global benchmark indexes tracked by Bloomberg, as the nation's economy strengthened and the government said it will continue a "moderately loose" monetary policy.

Still, investors have yet to flock to the market in the numbers seen in July, when 700,617 accounts were opened in a single week. New accounts dropped as the Shanghai Composite plunged 22 percent in August amid concern the government would remove stimulus measures. The gauge remains 5.2 percent short of this year's peak on Aug 4.