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Liu Mingkang has suggested the through train is on the wrong tracks |
The plan was first launched in August by Beijing’s FX regulator, Safe. Hong Kong stocks predictably soared, on the expectation that the local bourse would soon be flooded with capital from China’s estimated $2.7 billion household savings. A few weeks later, China’s bank regulator, Liu Mingkang, said that he didn’t much like the idea of Chinese capital leaving the country, suggesting the “through train” was on the wrong tracks.
Oddly, Hong Kong stocks soared some more, clearly suggesting that local investors thought he must be having them on.
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