The China Securities Regulatory Commission (CSRC) said the NYSE's Beijing office would be allowed to carry out communication, promotion and research activities in China.China allows NYSE to set up office in Beijing
It said the office would also help China to keep track of changes in international capital markets.
Many other foreign stock exchanges have applied to open offices in China following a rule change in July, the CSRC said. It did not name them.
The Hong Kong stock exchange set up an office in Beijing in 2003 as part of the Closer Economic Partnership Arrangement (CEPA) between mainland China and Hong Kong.
BEIJING, Sept 4 (Reuters) - The New York Stock Exchange has become the first foreign bourse to win approval to set up a representative office in Beijing, China's securities regulator said on Tuesday.
During a visit by U.S. Treasury Secretary Henry Paulson last December, China ag reed that NYSE Group Inc. (NYX.N: Quote, Profile, Research, Stock Buzz), parent of the NYSE, and Nasdaq (NDAQ.O: Quote, Profile, Research, Stock Buzz) could open offices in Beijing, while Washington gave the green light for China to join the Inter-American Development Bank.
The China Securities Regulatory Commission (CSRC) said the NYSE's Beijing office would be allowed to carry out communication, promotion and research activities in China.
The office will help Chinese companies to learn more about overseas securities markets and various financing channels, thus enabling them to raise funds more efficiently and cheaply, the CSRC said in a statement on its Web site (www.csrc.gov.cn).