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Brazil eyes Chinese stock market

By Hao Yan (chinadaily.com.cn)
Updated: 2010-06-09 17:16
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The Brazil Stock Exchange is negotiating with the Shanghai and Hong Kong stock exchanges and may reach an agreement with Shanghai by the end of this year, said Paulo Oliveira, CEO of Brazil Investments & Business.

"Brazilians would invest in Bank of China, while the Chinese would buy stocks in Banco Do Brasil six to eight months later," he told China Business Daily.

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Large numbers of Brazilian enterprises are willing to be listed in China, as raising capital in an emerging market is attractive to all enterprises. The mining company Vale SA is planning its public float in Shanghai or Hong Kong to seize a share of the Asian capital market, said Oliveira.

The agreement between the two exchanges would be reached after a series of fundamental work. Oliveira stressed that Brazil is ready for the comprehensive technical integration, but each party still needs a complete knowledge of local regulations.

"Brazil planned to enter the Asia market this year. Hence we are speeding up all the preparation work, with an expectation to complete the deal with Shanghai by the end of this year," said Oliveira.