Two more banks on A-share custodian list | SCMP
China Construction Bank and Bank of Communications have gained central bank approval to act as custodians for overseas investors buying local-currency shares.
HSBC Holdings, Citigroup, Bank of China, Industrial & Commercial Bank of China and China Merchants Bank have all been approved as custodians by the central bank.
Participating money managers, insurance companies and brokerages must designate a custodian - responsible for submitting the relevant documents to the China Securities Regulatory Commission and the State Administration of Foreign Exchange. Those two bodies also have to approve applications from banks wishing to be custodians. All of the banks so far named are still awaiting this endorsement. more