China owns THIS much stake in Pakistan Stock Exchange, data reveals amid US-China deal
China's expanding geopolitical ownership shows that the Asian nation owns a significant stake in Pakistan and Bangladesh's stock exchanges by acquisition through the consortium method, official filings data show.
In 2017, China acquired a 40 per cent stake in the Pakistan Stock Exchange (PSE), though a consortium of companies like the Shanghai Stock Exchange (SSE), China Financial Futures Exchanges (CFFEX), Shenzhen Stock Exchange (SZSE), Pak China Investment Company Limited, and Habib Bank Limited.
'In March 2017, the Shanghai Stock Exchange (SSE), China Financial Futures Exchanges (CFFEX), Shenzhen Stock Exchange (SZSE), Pak China Investment Company Limited, and Habib Bank Limited formed a consortium and acquired 40% stake in Pakistan Stock Exchange,' according to the data filed in the Shanghai Stock Exchange.
On the Bangladesh front, China acquired a 25 per cent stake in the Dhaka Stock Exchange in 2018. The bidding was carried out through a consortium of companies, formed by the Shanghai and Shenzhen Stock Exchange.
The deal was carried out after both nations' regulatory authorities agreed to the acquisition.
'In May 2018, the Bangladesh Securities and Exchange Commission officially approved the bidding scheme of the Chinese consortium formed by the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). With the approval of the regulatory authorities of the two countries, the SSE and SZSE consortium successfully acquired 25% of Dhaka Stock Exchange's total capital,' according to the exchange filing.
Apart from Pakistan and Bangladesh, China also owns a 25.1 per cent stake in the Astana International Exchange, i.e., the Kazakhstan stock exchange.
US Treasury Secretary Scott Bessent on Monday said that the United States and China have reached a deal that would drop the import tariff rates by 115 per cent, according to a joint statement cited by the news agency Reuters.
This move from the US and the Chinese government was taken well by stock market investors, and global markets rallied on Monday on the sentiment of the positive agreement.
'We had a very robust and productive discussion on steps forward on fentanyl,' Treasury Secretary Scott Bessent said, according to Mint's earlier report. 'We are in agreement that neither side wants to decouple.'
However, the announcement also said that the parties will establish a mechanism to 'continue discussions about economic and trade relations.'
This comes after the three-day talk between the two economic superpowers, who were fighting a tariff war after the US President Donald Trump imposed 145 per cent tariffs on all imports from China. In retaliation, China also imposed a 125 per cent import duty on US goods into their nation.
If things go as planned, the overall tariffs will be reduced by 115 per cent, according to the US-China trade deal.
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