Freer access to and from this key market is a big step for capital account liberalisation for China, providing more engagement and opportunities for overseas institutional investors.
Bold Bond Developments
As part of the RMB internationalisation and the opening of China's capital market, CIBM Direct represents a significant move for the country and it creates a new opportunity for investors around the world to gradually tap into China's domestic markets. In particular, the clarifications around the programme have confirmed that the Chinese regulators are prepared to continue the progress in opening up their markets and are fully aware of what is required to do this effectively.
The CIBM Direct scheme offers a big step forward in terms of ease, eligibility and unrestricted flows. As participants get comfortable with the new criteria, there will be benefits for the development of the capital market, particularly in liquidity and sophistication of offering. This is a relatively untapped market and there is a wealth of opportunities in China's domestic market for those investors from around the world that are prepared to adopt quickly. In the long run, we expect to see China expanding other parts of its domestic opening and those who are willing to explore at an early stage will be able to capture the most opportunity.
Quota - one of the challenges for existing Qualified Foreign Institutional Investors (QFII) and RMB QFII (known as RQFII) has been the restrictions around repatriation and lock-up requirements that have hampered the flow of funds out of China. This is not the case for CIBM Direct as there has been clarification that there will be no limit on repatriation of funds.
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