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Citi establishes clearing and settlement service for Beijing Stock Exchange -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A Citibank logo is seen by people as they walk under it in San Francisco on July 17, 2009. REUTERS/Robert Galbraith/File Photo

SHANGHAI (Reuters). Citigroup Inc (NYSE 🙂 stated Friday it had established clearing services and settlement for Beijing Stock Exchange’s New Third Board and Beijing Stock Exchange to promote foreign investment.

Citi announced that it will now support Qualified Foreign Institutional Investors, or QFIIs, to trade on the equity markets. QFII is a scheme that allows investors from overseas to gain access to China’s mainland markets.

Christine Lam (Chief Executive Officer at Citi China) stated that she was able to assist settlements and clearing activities for the Beijing Stock Exchange’s launch.

China opened the Beijing Stock Exchange late in 2021 as a way to raise capital for small and medium-sized companies (SMEs). This is President Xi Jinping’s “common prosper” policy that aims to reduce wealth disparities in China.

According to the statement, Citi China created the clearing and settlement route for China Securities Depository and Clearing Corp. Ltd.

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