B-share Market Opening Drops Foreign Exchange Proceeds DepositIndividual foreign exchange proceeds deposits dropped by 270 million US dollars in east China's Shanghai Municipality since the B-share market was opened in the Chinese mainland to individuals in February.Statistics issued by the People's Bank of China Shanghai Branch today showed that the savings deposit in the aspect by the end of February decreased to 10.216 billion U.S.dollars. The fixed deposit of foreign exchanges dropped by 258 million US dollars, and there was a slight drop in the current deposit, indicating that B-share prices still have much room to increase and it will exert a strong influence on individuals in a short period. While economists predicted a steady increase again in the individual foreign exchange proceeds deposit when the B-share market trade stabilizes. Related statistics show that on February 26 and 27, the first two days that domestic investors were allowed to open B-share accounts, the Shanghai Branch of the Industrial and Commercial Bank of China alone handled over 23,000 capital transfer deal, clearing capital of more than 100 million US dollars and 20 million Hong Kong dollars. |
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