BEIJING: China’s flagging plan to allow big foreign investors to tap its US$500bil domestic stock market has received a boost with two top financial firms applying to trade yuan-denominated shares.
Nomura Securities, Japan’s biggest brokerage, and US investment bank Morgan Stanley said they had filed applications with Chinese regulators to trade domestically listed A-shares under a qualified foreign institutional investor, or QFII, scheme. Foreign investors seeking to get a piece of the world’s fastest growing major economy are currently restricted to trading in hard currency B-shares, a market with just 112 listings.
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