Yuan funds in HK
Source: Bloomberg News |
May 14, 2011, Saturday
|
Print Edition
Print Edition
China plans to introduce a program "as soon as possible" to let its financial companies in Hong Kong start yuan funds that will invest in mainland stocks, an official at the securities regulator said yesterday.
The plan forms part of a so-called mini-QFII program, said Wang Lin, director-general of the department of fund supervision at the China Securities Regulatory Commission, referring to the nation's Qualified Foreign Institutional Investor scheme.
"By now, the relevant systems have taken shape," Wang said in Hong Kong. "We are working with other agencies on refining them and introducing the service as soon as possible."
China allows only approved overseas institutional investors to buy its local-currency stocks and bonds under the QFII program. The combined approved quota is US$30 billion。
The plan forms part of a so-called mini-QFII program, said Wang Lin, director-general of the department of fund supervision at the China Securities Regulatory Commission, referring to the nation's Qualified Foreign Institutional Investor scheme.
"By now, the relevant systems have taken shape," Wang said in Hong Kong. "We are working with other agencies on refining them and introducing the service as soon as possible."
China allows only approved overseas institutional investors to buy its local-currency stocks and bonds under the QFII program. The combined approved quota is US$30 billion。
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