The China Securities Regulatory Commission (CSRC) has given approval for the country’s mutual funds to access Hong Kong-listed equities under the Shanghai-Hong Kong Stock Connect programme.

The programme, launched at the end of 2014, enables Hong Kong and mainland investors to invest in each other’s markets up to a daily quota.

Chinese mutual funds have hitherto been able to invest in overseas markets only through the Qualified Domestic Institutional Investor (QDII) programme.

Reuters quoted a CSRC spokesman Deng Ge as saying that the new move will promote product and business innovation.

Invesco Great Wall is reportedly the first to cash in on the move and roll out its first Shanghai-Hong Kong Stock Connect fund.