Deutsche Asset & Wealth Management Investment (Deutsche AWM) has become the first asset manager in Germany to secure a Renminbi Qualified Foreign Institutional Investor (RQFII) licence from the China Securities Regulatory Commission.
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The licence will enable Deutsche AWM to apply for quota to invest in China mainland securities.
Deutsche Asset & Wealth Management Investment CEO James Dilworth said: "Deutsche AWM has been at the forefront of providing international investors with access to China’s domestic capital markets, so we’re pleased to be the first asset manager in Germany to be awarded an RQFII licence. With China’s enormous growth potential this is a very important market for both our active and passive investment management clients."
The latest licence approval comes after an agreement last year between Germany and China to establish a quota of RMB80bn that German-based financial institutions can use to invest in China’s domestic capital markets.
HSBC will serve as the custodian bank for Deutsche AWM in China.
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By GlobalDataHSBC head of securities services for China Andy Ng added: "We expect liberalisation of the Qualified Foreign Institutional Investor (QFII) and RQFII schemes will speed up as RMB internationalisation gathers ever greater momentum. We anticipate the RQFII scheme will reach new pilot sites and that regulations surrounding the scheme will be further relaxed."
