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Qualified Chinese brokerages will be able to invest in overseas securities, the Shanghai Securities News said on Tuesday.
An official from the China Securities Regulatory Commission said the companies will need a Qualified Domestic Institutional Investor License and foreign exchange quotas. Those qualified must also have held an asset management license for at least one year.
The securities regulator said only nine brokerages have obtained the license so far and five of them have applied for foreign exchange quotas.