The Bank of East Asia (BEA) has been approved as a Renminbi (RMB") Qualified Foreign Institutional Investor (RQFII) by the China Securities Regulatory Commission (the CSRC).
With this approval, BEA is allowed to invest in China’s fixed income and A-share markets.
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BEA, with total consolidated assets of US$89.9 billion, will use the RQFII quota for its own investment to enhance return on its RMB funds.
Under the expanded RQFII mechanism, which was announced in March 2013, registered financial institutions whose major operations are in Hong Kong are eligible to apply for RQFII status.
RQFIIs will be able to channel RMB funds and deposits raised in Hong Kong back to the Mainland through their investments in China’s capital and equities markets.
Following the RQFII Approval, BEA will proceed to apply for an RQFII investment quota from the State Administration of Foreign Exchange.
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By GlobalDataThe bank plans to utilise the quota mainly for investment in China’s domestic bond and equities markets.
David K.P. Li, chairman & CEO of BEA, said: "We at BEA will capitalise on our RQFII status to strengthen our investment capabilities and optimise the use of our RMB funds."
