Money pours into Shanghai-Hong Kong stock connect ′후강퉁′ 시대 오늘 개막

The Shanghai-Hong Kong stock connect officially debuted this Monday in Hong Kong… with some analysts predicting it could become the world′s third-largest stock exchange.
The move comes as China is stepping up efforts to liberalize its financial markets.
Ji Myung-kil reports.
On the first day of trading at the newly-launched Shanghai-Hong Kong stock connect,… global investors poured money into Chinese stocks, filling the daily quota of 2-point-1 billion U.S. dollars.
It wasn′t a full opening, but the new trading link gave international investors greater access to China′s domestic stock market.
They are now allowed to buy and sell over 550 of the largest A-grade shares listed in Shanghai directly via the Hong Kong stock exchange.
The trading volume was higher for investors with Hong Kong accounts buying shares in mainland China… rather than the other way around.
Previously, only institutional investors with a secured quota from the Chinese government could invest directly in the country′s domestic markets, but the new scheme is making foreign investment in the mainland a lot easier.
And overseas investors are already flocking in.
“Around 150,000 people opened investment accounts in just one day. We expect more security agencies to open accounts for their clients over the next few days.”
China′s finance ministry announced that foreign investors will also enjoy personal income tax exemptions on profits from investments through the connect program for the next three years.
Ji Myung-kil, Arirang News.