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China to Develop Banking Stock Secured Loans
Following its issuance of 80 million yuan worth of RMB stock secured loans to Xiangcai Securities, China Construction Bank recently reached agreements or cooperation intentions with Tiantong Securities and several other securities companies.
According to Tuesday's "China Securities", four months after the publication of the Method for the Management of Stock Secured Loans to Securities Companies, China Construction Bank, the Industrial & Commercial Bank of China and the Agricultural Bank of China and other commercial banks have actively started stock secured loaning service.
The banks mentioned above have formulated relevant management methods, internal control system and working procedures, established special seats and opened funding accounts in Shanghai and Shenzhen Exchanges and finished the installation and allocation of the facilities and software needed for stock trading. All the exchange links have been opened and the construction of hi-tech platform has been completed.
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