A man stands near a screen showing news footage of Chinese President Xi Jinping at the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021.
The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept. 28 notice issued by its Shanghai unit.
Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice.
The use of offshore brokerage accounts in Hong Kong entails converting yuan to other currencies.
They can also use some foreign brokerage platforms outside mainland China if they have funds parked in offshore locations.
Persons:
Xi Jinping, Tingshu Wang, brokerages, Shujin Chen, Guotai Junan, Selena Li, Zhen, Julie Zhu, Sumeet Chatterjee, Edwina Gibbs
Organizations:
China Securities Regulatory Commission, REUTERS, Reuters, outflows, Jefferies, Citic Securities, HK, Haitong Securities, Hong Kong, Futu Holdings, Fintech Holding, May, Hong, Stock, Hwabao Securities, Thomson
Locations:
Beijing, China, HONG KONG, Hong Kong, Shanghai, outflows