China eases curbs on banks for offshore investments
China is to ease curbs on offshore investments in a bid to reduce the rising tide of liquidity in the financial system, state press reported on Saturday.
The new rules widen the scope of a government programme for banks and other institutional investors to tap more than four trillion dollars in national and corporate savings, the Shanghai Securities News reported.
The move by the China Banking Regulatory Commission is also aimed at easing appreciation pressure on its currency and the pace of growth in foreign reserves that, at 1.2 trillion dollars, are already the world's largest.
According to the commission, individual bank customers will be allowed to invest a minimum of 300,000 yuan (38,900 US dollars) in offshore stocks.
Stocks can account for up to 50 per cent of the net value of an offshore investment product offered by a bank, with the net value of a single stock capped at five per cent, the regulator said.
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