The China Securities Regulatory Commission (CSRC) has granted RMB qualified foreign institutional investor (RQFII) licenses to five foreign financial institutions in August, taking the total number of RQFII participants to 33.
The new RQFII institutions will include: Bank of East Asia, SinoPac Asset Management (Asia), BOCOM International Asset Management, China Orient International Asset Management, and Value Partners Hong Kong.
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CSRC has also granted qualified foreign institutional investor (QFII) status to five foreign financial institutions which include: CTBC Life Insurance, Keywise Capital Management, Fubon Insurance Company, Alta Advisers, and Flowering Tree Investment Management, boosting the total amount of QFII institutions to 237 as of the end of August, 2013.
Timothy Tse, CEO of Value Partners, said: "We believe Hong Kong has a significant role to play in China’s financial liberalization process, and asset managers can facilitate this change as well as benefit from it. While China further liberalizes the financial sector and opens its capital account, increasing cross-border flow will be imperative for RMB internationalization.
"This process presents huge potential for the asset management industry in Hong Kong – a major offshore RMB centre and the focal point of capital flows," Tse added.
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