Funding Currency - the base currency for investment under the CIBM Direct scheme can be either RMB or foreign currencies without approval by SAFE. Previous schemes had been subject to rules on FX handling of investments. The only stipulation in this area is that funds must be repatriated in the same currency as the original payment with a variation of up to 10%, providing for a new flexibility for investment and a control on onshore/offshore currency arbitrage.
Range of products - the main products available will be cash bonds, bond lending, bond forwards, FRA and IRS. This will enable a certain amount of hedging onshore, mainly of interest rates as FX hedging would still need to happen offshore in the CNH market. There is also the opportunity for RMB Participating Banks to engage in the repo markets for the first time.
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