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Offshore yuan to be allowed as investment
By Feng Jianmin |
December 15, 2011, Thursday
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Print Edition
Print Edition
CHINA aims to boost the importance of Hong Kong as an offshore yuan center by increasing the usage of the currency for investment on the mainland, officials said.
China's central bank and the China Securities Regulatory Commission are studying details of RQFII, or regulations to allow designated foreign institutions to invest in mainland securities markets directly with yuan collected offshore, the central bank's Li Bo said at a Hong Kong seminar yesterday.
The People's Bank of China is also considering lifting the quota foreign institutional investors are allowed to invest in the mainland's inter-bank bond market as the risks are controllable, he added.
"The offshore yuan market is developing quickly," he said. "We hope that with the introduction of more yuan investment products and details of RQFII, a comprehensive channel to maintain the value of yuan will be developed both onshore and offshore."
China is seeking to promote the use of the yuan overseas as part of a longer-term plan to make it an international reserve currency, and has said it supports the growth of the yuan market in Hong Kong.
China Vice Premier Li Keqiang unveiled a string of measures during his visit to Hong Kong in August to further develop the offshore yuan market in Hong Kong, including allowing foreign investors to buy mainland shares and bonds.
Li said foreign owners of yuan would soon be able to buy up to 20 billion yuan (US$3.1 billion) worth of yuan-denominated stocks and bonds on the mainland with the renminbi, but did not give an exact date for the launch.
China's central bank and the China Securities Regulatory Commission are studying details of RQFII, or regulations to allow designated foreign institutions to invest in mainland securities markets directly with yuan collected offshore, the central bank's Li Bo said at a Hong Kong seminar yesterday.
The People's Bank of China is also considering lifting the quota foreign institutional investors are allowed to invest in the mainland's inter-bank bond market as the risks are controllable, he added.
"The offshore yuan market is developing quickly," he said. "We hope that with the introduction of more yuan investment products and details of RQFII, a comprehensive channel to maintain the value of yuan will be developed both onshore and offshore."
China is seeking to promote the use of the yuan overseas as part of a longer-term plan to make it an international reserve currency, and has said it supports the growth of the yuan market in Hong Kong.
China Vice Premier Li Keqiang unveiled a string of measures during his visit to Hong Kong in August to further develop the offshore yuan market in Hong Kong, including allowing foreign investors to buy mainland shares and bonds.
Li said foreign owners of yuan would soon be able to buy up to 20 billion yuan (US$3.1 billion) worth of yuan-denominated stocks and bonds on the mainland with the renminbi, but did not give an exact date for the launch.
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