Monday, April 07, 2008

China: magnanimous neighbor and good Shepard.


The below has nothing to do with Tibet, the Olympics, the U.S. Election, missile defense systems, the declining dollar or anything else. It's simply China being a magnanimous global citizen and helping out its people as a good and righteous Shepard.

/end sarcasm

China Agrees to Let Banks
Buy U.S. Stocks, Mutual Funds

HONG KONG -- Chinese banking and securities regulators signed an agreement with their U.S. counterparts Monday that will help lay the groundwork to enable mainland investors to buy and sell U.S. securities.

Under the plan, Chinese banks will be able to buy U.S.-listed stocks and mutual funds for their clients.

The agreement signed between the Securities and Exchange Commission and the China Banking Regulatory Commission marks a further expansion of QDII -- short for the qualified domestic institutional-investor program -- and brings the U.S. in line with similar agreements signed between Beijing and regulators in Singapore, Hong Kong, Japan and the U.K.

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