CSRC: Shenzhen-Hong Kong Stock Connect would promote the Yuan’s internalization

The China Securities Regulatory Commission (CSRC) )said in a statement late-Tuesday that The Shenzhen-Hong Kong Stock Connect would promote the yuan's internalization and the opening up and reform of the domestic capital market.

The CSRC said noted, the link-up would attract more long-term funds from overseas to China's A-share market, improve investment structure and promote economic transformation.

It would also deepen financial cooperation between the mainland and Hong Kong and help lift the latter's status as an international financial center, it added.

This comes a day after the Chinese state council approved the Shenzhen-HK stock connect.