HSBC has received approval from mainland Chinese regulators to invest renminbi onshore, the latest step in opening up China’s financial markets to overseas funds.
The bank’s asset management arm yesterday said that it had obtained a licence under China’s renminbi qualified institutional investor (RQFII) scheme, which will enable it to put renminbi into the country’s equity and bond markets.
The RQFII quota system was first established in 2011, to complement the better-known qualified foreign institutional investor (QFII) scheme. Under QFII, investors bring US dollars onshore, which they switch into renminbi to make investments.
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