CIMB-Principal Asset Management has become the first Malaysian asset management firm to receive RQFII licence from the China Securities Regulatory Commission.

The licence will give the asset manager direct access into China’s domestic capital markets and allow it to invest in the bonds of China entities.

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CIMB-Principal CEO Munirah Khairuddin said: “We plan to develop and introduce more innovative products that invest in China onshore securities, as well as diversify some existing investment portfolios directly into China’s onshore equities and fixed income securities.

“This, I believe, will definitely add value to our customer proposition for both Malaysian and international clients,” Khairuddin added.

CIMB-Principal appointed HSBC (Malaysia) Trustee as trustee, The Hongkong and Shanghai Banking Corporation as global custodian and HSBC Bank (China) Company as its China RQFII custodian.

HSBC Bank (China), which acted as CIMB-Principal’s onshore custodian bank in China, facilitated the application for RQFII licence.

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HSBC Malaysia CEO Mukhtar Hussain said: “We are proud to be appointed the custodian bank for Malaysia’s first RQFII. The size of the RQFII quota granted to Malaysia is further evidence of China’s commitment to granting investors greater access to its markets.

“We are confident this will be the first of many investments flowing through the China-Malaysia business corridor, which is growing in importance every year. HSBC has a number of firsts in servicing institutional investors in China. We are delighted to add another notch to our already stellar track record.”