CHINA: Foreigners will soon be allowed to...

CHINA: Foreigners will soon be allowed to buy Chinese stocks for the first time in four decades of communist rule. Gong Haocheng, chairman of the Shanghai branch of the People’s Bank of China, said Shanghai companies will be allowed to sell their stock abroad, issued in foreign currencies. The move reflects a new awareness by the government that stock markets can be used to attract much-needed investment, not just from abroad but from Chinese citizens who have put growing amounts of money aside in savings accounts the past few years. Shanghai opened the nation’s first computerized stock market last year, but only seven stocks are listed for trading.