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China unveils detailed RQFII rules

01-05-2012 14:15 BJT

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China's central bank has unveiled detailed rules on yuan-denominated investment activities in China, to pave the way for offshore yuan to flow back to its stock and bond markets.

The new guidelines on the implementation of the RQFII scheme comes after the first batch of investment quotas were granted in Hong Kong.

According to the new guidelines, foreign firms should open RQFII basic deposit accounts for settlement purposes, as well as RQFII special deposit accounts. These should be opened in a Chinese commercial bank qualified to act as a QFII custodian and settlement agent in the interbank bond market.

The firms can open three types of special accounts for transactions in the onshore stock and bond markets, and funds can be transferred between the accounts.

 

Editor:Zhang Rui |Source: CNTV.CN

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