Bank of China’s Hong Kong asset management arm plans to sell its yuan products in Europe under the new Renminbi Qualified Foreign Institutional Investor (RQFII) scheme.
The bank has obtained approval to introduce CNY800 million RQFII equity fund in the onshore A-share market, and is planning to get clearance for onshore bond fund, reported South China Morning Post.
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BOCHK plans to expand its base in London, Paris and Luxembourg, three of the top yuan deposit bases in Europe.
The asset management business will partner with the local banks to launch its products.
South China Morning Post quoted BOCHK Asset Management CEO Au King Lun as saying that at the initial stage, fund managers with well-developed distribution channels will be the early winners in yuan business.
The bank currently offers market-leading dim sum yuan denominated bonds in overseas markets. They recorded a return of 29% in 2012.
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