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Shanghai Stock Exchange seeks pacts with other foreign exchanges

Bloomberg Published on Tue, Oct 31, 2017 / 7:22 AM GMT+8

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(Oct 31): Shanghai Stock Exchange outlined plans for closer links with other national markets, taking further steps to enact President Xi Jinping’s policy to project Chinese soft power around the world.

The bourse will seek business and strategic cooperation with other exchanges, it said Friday, which could include buying stakes in its peers. It was part of a group that at the end of last year agreed to purchase 40% of the Pakistan Stock Exchange, and it recently signed agreements with markets in Malaysia and Luxembourg to increase cooperation.

One of the central planks of Xi’s economic policy has been his “One Belt, One Road” infrastructure-building program, which aims to tie economies across Asia and Europe more closely to China. Pacts between national exchanges would help the mainland increase its financial influence in the region, said Shen Zhengyang, a Shanghai-based analyst with Northeast Securities Co.