I had this earlier: China’s CSI300 index jumps 2% – bank shares surge – Bank Of Communications plans to seek more private investors and now more on the surging China stockmarkets today, via MNI:

  • Mainland Chinese blue chips surged on Monday amid growing excitement about a government plan to open the capital account to allow for mutual market access between the Shanghai and Hong Kong stock exchanges
  • The plan will allow Hong Kong and overseas investors to buy up to CNY13 billion each day of constituent stocks of the Shanghai Stock Exchange 180 and 380 indexes, and A-shares with Hong Kong-listed equivalents
  • Mainland institutions and individual investors with balances in their trading accounts of at least CNY500,000 will be allowed to buy up to CNY10.5 billion worth of Hong Kong stocks a day
  • The launch of the plan will spur demand for offshore yuan (CNH) and Hong Kong dollar liquidity and banks in Hong Kong have been in discussions with the monetary authority there about introducing CNH repos and using its bilateral swap facility with the People’s Bank of China in anticipation, ANZ Bank said earlier this month.

China’s National Business Daily said Monday morning:

  • The access plan, called the Shanghai-Hong Kong Connect, will launch in October,
  • 90 mainland brokerages applied to participate
  • Trial runs scheduled for August and September