HK SFC Welcomes Announcement of RQFII Pilot Scheme
The Securities and Futures Commission (SFC) welcomes the pilot scheme jointly announced by the China Securities Regulatory Commission (CSRC), People’s Bank of China and State Administration of Foreign Exchange today to allow Hong Kong subsidiaries of qualified fund managers and securities companies to channel renminbi (RMB) raised in Hong Kong to have the opportunity to invest in Mainland securities markets.
“Today’s (December 16) announcement not only marks another major milestone in the process of transforming RMB into an internationally accepted and widely used currency, but also confirms the strategic significance of Hong Kong as a testing ground for Mainland financial reforms,” the SFC’s Chairman, Dr Eddy Fong said.
The SFC will work closely with its regulatory counterparts and relevant authorities to implement this scheme.
“As an international financial centre, Hong Kong can offer ample experience for the gradual opening of the Mainland financial markets. The development of an open, robust financial sector is mutually beneficial to the Mainland and Hong Kong. We will further strengthen our partnership with the Mainland in pursuit of this common interest,” he added.