Hong Kong regulator moves to authorise renminbi products under RQFII
Hong Kong regulatory platform ready to approve RQFII products; China’s central bank says priority to be given to Hong Kong-based subsidiaries of mainland banks and fund managers
The Securities and Futures Commission (SFC) is ready to authorise retail products issued as part of the renminbi qualified foreign institutional investor (RQFII) scheme announced by Chinese vice-premier, Li Keqiang, on his visit to Hong Kong last month. The RQFII programme will allow foreign investors to use offshore raised renminbi to buy mainland securities, with an initial limit of 20 billion yuan ($3.1 billion).
SFC acting chief executive, Alexa Lam, says she believes the renminbi bond
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