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People's Daily Online>>China Business

China speeds up preparation of RQFII scheme

(Xinhua)

21:30, November 28, 2011

BEIJING, Nov. 28 (Xinhua) -- The preparation for RMB Qualified Foreign Institutional Investors (RQFII) scheme has sped up following the slowdown of hot money inflow in October, said sources with the China Securities Regulatory Commission(CSRC).

Relevant government departments, including the CSRC, the central bank and the State Administration of Foreign Exchange, have reached agreement on the RQFII mechanism, which allows qualified investors to raise money in RMB from the Hong Kong market and invest in domestic A-share and bonds market, said the sources.

The RQFIIs will be allowed to invest in mainland securities markets with an initial size of 20 billion yuan (3.15 billion U.s. dollars), Vice Premier Li Keqiang announced during his Hong Kong visit in August.

Preparation for the RQFII scheme has picked up pace as yuan funds stemming from foreign exchanges dropped in October on a month-on-month basis for the first time in nearly four years, said sources.

The figure decreased by 24.9 billion yuan last month from September, said the People's Bank of China (PBOC), the country's central bank.

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