China to allow stock trade between mainland, Hong Kong

China announced a trial program to allow cross-market stock trading by mainland and Hong Kong investors, The Wall Street Journal reported, citing a joint statement on Thursday by the China Securities Regulatory Commission and the Securities & Futures Commission of Hong Kong. The program will allow mainland investors to buy up to US$1.7 billion (RMB 10.5 billion) a day of shares of select companies listed in Hong Kong, while permitting Hong Kong investors to plow up to US$2.1 billion a day in designated Shanghai stocks. The move is also designed to push forward the internationalization of the yuan.