Despite its rapid development, market segmentation has been a distinctive feature of China's stock market. On the SHSE and SZSE, two types of stocks, A shares and B shares, are traded. Denominated in RMB, A shares are available exclusively to domestic investors. From 1991 onwards, Chinese rms have been allowed to issue B shares to foreign investors. These B shares are denominated in US dollars on the SHSE and in HK dollars on the SZSE. Prior to February 2001, their trading was restricted exclusively to overseas investors, including overseas Chinese residing in Hong Kong, Macao and Taiwan
