IMF approved as RQFII by China Securities Regulatory Commission
The IMF has been approved for access to China's capital market via the RMB Qualified Foreign Institutional Investors (RQFII) program by China Securities Regulatory Commission (CSRC) on Tuesday.
The RQFII mechanism was launched in 2011 to widen investment channels for overseas yuan funds on the Chinese mainland, allowing those that qualify to invest in China's securities market within a permitted quota. It aims partly to increase the international use of the RMB.
Under the RQFII scheme, foreign investors can make investments in China's capital market with RMB.
As of the end of February, a total of 660.5 billion yuan (98.75 billion U.S. dollars) RQFII quotas have been granted, according to the State Administration of Foreign Exchange.