Control on QFII and QDII to be eased for freer yuan
Print Edition
CHINA has signaled it will relax control on Qualified Domestic Institutional Investor and Qualified Foreign Institutional Investor schemes as it is determined to quicken the yuan’s convertibility under the capital account.
The People’s Bank of China, the central bank, said in its 2013 annual report that it will further expand the group of institutional investors under the QDII and QFII schemes and increase their investment quotas.
“When the situation becomes ripe, the country will cancel the approval on qualifications and quotas to let all legitimate institutions at home and abroad enjoy investment opportunities,” the report said.
China launched the QFII scheme in 2002 to allow licensed foreign investors to use offshore yuan to invest in China’s capital market. Currently, 229 institutions are included in the program with a combined investment quota of US$150 billion.
The QDII scheme was launched in 2006 to allow domestic institutions to invest abroad. More than 100 institutions are qualified presently and they have a combined quota of US$76.79 billion.
“It shows that the process of making the yuan convertible will be accelerated in the future,” said Guo Tianyong, a professor at the Central University of Finance and Economics.
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