China has announced the first group of foreign brokers allowed to trade shares under its
Qualified Foreign Institutional Investor scheme. They are UBS, Switzerland's biggest bank, Nomura Securities, the leading Japanese securities firm, and Morgan Stanley and Citigroup of the US.
Under the scheme, the brokers will be allowed to trade in the US$500bn A-share market, which lists shares denominated in yuan, and also to trade yuan-denominated bonds and participate in share offerings.
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