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China combines schemes to broaden scope for investment from abroad

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09/25/2020 | 10:35am EDT
Illustration photo of a China yuan note

China moved to further ease foreign access to its capital markets on Friday, officially combining two major inbound investment schemes and broadening the scope for foreign institutional investment.

The finalised rules, published by The China Securities Regulatory Commission (CSRC), the central bank and the foreign exchange regulator, combine the Qualified Foreign Institutional Investor (QFII) scheme and its yuan-denominated sibling, RQFII. The schemes channel foreign capital into Chinese stocks and bonds.

The new rules, which will take effect on Nov. 1, would also expand investment scope under the combined scheme.

China is accelerating reforms and the opening-up of its capital markets as part of efforts to promote global use of the yuan currency while trade and diplomatic ties with the United States remain strained.

The rules also lower the threshold for overseas applicants and simplify the vetting process.

Investors will be allowed to buy securities traded on Beijing's New Third Board and invest in private funds or conduct bond repurchase transactions.

In addition, foreign institutions will also have access to derivatives, including financial futures, commodity futures and options, according to the new rules.

The draft rules were published in January 2019.

(Reporting by Samuel Shen and Luoyan Liu; Editing by Alex Richardson)

Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.06% 6.7215 Delayed Quote.-3.77%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.10% 6.7054 Delayed Quote.-3.98%
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