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China relending margin trading commences

08-31-2012 17:16 BJT

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China would be allowing relending margin trading for the country’s brokerages. The reforms took effect today, and they basically allow brokerages to borrow money to re-lend to their clients, to conduct margin trading.

Under the pilot scheme, 11 brokerages, including Haitong Securities and Citic Securities, can borrow money from the state-owned China Securities Finance Corporation to expand their existing margin trading businesses. As a first step, the program is likely to free up 10 billion yuan, or 1.6 billion U.S. dollars, in financing for margin trading.

Analysts say the program is expected to help China’s stock market, which continued its declines to three-year lows this week, smarting from the European debt crisis and domestic slowdown. It’s also hoped the new practice can broaden the revenue base for brokerages operating in China.

Editor:Wang Xiaomei |Source:

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