New 合格境外机构投资者/RQFII Rules Unify Qualifications and Regulations, Reduce Entry Thresholds, Expand Investment Scope

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合格的外国机构投资者(QFII)在中国推出有关证券期货投资的新规定的出台,有望进一步加快中国资本市场的开放。

9月25日,中国中央政府发布了“合格境外机构投资者和人民币合格境外机构投资者国内证券期货投资管理办法”(合格境外机构投资者和人民币合格境外机构投资者内部证券期货投资管理办法),计划于2020年11月1日生效。

中国央行表示,新措施将“降低准入门槛,逐步扩大投资范围,加强现行监督管理,进一步提高外资在资本市场的开放水平。”

新法规包含三个主要更改:

  1. 合格境外机构投资者 and RQFII qualifications and regulations have been unified and the entry requirements have been loosened. The restriction on the numbers of entrusted intermediary institutions has also been cancelled, and data submission requirements have been reduced.
  2. 合格境外机构投资者’s and RQFII’被允许投资在中国上市的证券’的国家股票交易和报价系统,以及私人提供的投资基金,金融期货,商品期货和期权。他们还被允许参加债券回购,以及证券交易所的保证金证券借贷和证券再融资贷款交易。
  3. 加强跨市场监管,跨境监管和全面监管。加强对违反法规的处罚,并针对特定的违反条件完善适用的法规措施。

国内分析师预计该规定将进一步吸引更多的外国投资者来华投资’的证券期货市场,扩大中国的国际影响力’资本市场,并进一步推动人民币国际化。

Yang Delong (杨德龙), chief economist at Qianhai Kaiyuan Fund, said that the new regulations served to greatly expand the 合格境外机构投资者/ RQFII investment scope and targets and simplify investment procedures.

Yang希望这些措施的实施将吸引更多的海外资本进入国内市场,从而为中国资本市场提供更多稳定的资金,以实现长期增长。

Data from Hithink Flush iFinD indicates that there are currently 322 foreign institutions who have obtained USD$115.98 billion in investment quotas under the 合格境外机构投资者 scheme, as well as 231 foreign institutions that have obtained 721.992 billion yuan in investment quotas under the RQFII scheme.

Central bank data indicates that in the first half of 2020 investment via the 合格境外机构投资者 and RQFII schemes as well as the Shanghai-Hongkong and Shenzhen-Hong Kong stock connect schemes collectively totalled 2.5 trillion yuan, accounting for around 4% of all A-share market value, and 9% of freely circulating A-share market value.

As of the end of the second quarter the market value of 合格境外机构投资者-held A-shares was 770 billion yuan, for an increase of 14.4% compared to the end of 2019.

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