CHINA ANNOUNCES FURTHER LIBERALISATION OF RQFII PILOT SCHEME

BEIJING - China has relaxed its RMB Qualified Foreign Institutional Investor (RQFII) rules to further develop the offshore RMB market in Hong Kong. Under the new rules, the RQFII quota can be invested in a wider range of products. Hong Kong units of Chinese commercial banks, insurers, and other financial institutions that are registered and with major operations in Hong Kong will now be allowed to participate in the pilot programme. Previously, participants were restricted to Hong Kong units of Chinese fund management and securities companies.