China to relax rules on foreign investment under RQFII
Published on Feb 24, 2013 5:32 PM
BEIJING (REUTERS) - China will soon relax rules for qualified foreign investors when they channel their offshore yuan holdings into China's securities market, the official Xinhua news agency said on Sunday.
Under the revised rules, Renminbi Qualified Foreign Institutional Investors (RQFII) will no longer be required to put at least 80 per cent of their funds into the domestic fixed income market, Xinhua said, citing market regulator, China Securities Regulatory Commission.
"It means there will be more funds entering the (onshore)stock market," Xinhua said, adding that the market regulator has already finished modifying the rule.
The new rule, which will be implemented soon, will allow more institutional investors to join the scheme, which is currently limited to securities brokerages and investment funds, Xinhua said, without naming a date.
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