Paulson says opening of NYSE office in Beijing to spur investment.
U.S. Treasury Secretary Henry Paulson said Tuesday the opening of the NYSE Euronext offices in Beijing should spur foreign investment in the country.
At the opening ceremony in China's capital, Paulson said the exchange's offices there symbolize "China's opening of its capital markets."
The opening ceremony comes a day before the third Cabinet-level meetings of the U.S.-China Strategic Economic Dialogue, or SED.
At the last SED in May, China agreed to let foreign exchanges open local offices. Nasdaq Stock Market Inc.
own Beijing office a week ago, and Tokyo Stock Exchange Inc. got approval to follow suit last month.
Paulson has said he plans to push the Chinese government this week to pick up the pace of financial reforms, including adopting a more flexible currency policy and lifting foreign ownership caps on financial services companies.
Over the weekend, China's foreign exchange regulator fulfilled another commitment from the May SED by tripling the amount that qualified foreign institutional investors can invest in local securities to US$30 billion.
The State Administration of Foreign Exchange also said in the statement it plans to expand a separate program allowing domestic institutional investors to invest overseas.
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