China’s Ministry of Finance plans to expand the RMB Qualified Foreign Institutional Investor (RQFII) pilot scheme into the Paris offshore RMB market.

The Ministry of Finance said that the two states are working together to develop the Paris offshore RMB market, including the assessment of the need for and the modalities of specific clearing and settlement arrangements in Paris.

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Through this expansion, France marks to become the second European country to be granted RQFII status after the UK.

French Finance Minister Pierre Moscovici said Paris has more RMB deposits than any other country in the EU.

Earlier this year,the State Administration of Foreign Exchange (Safe) has awarded quotas of 80 billion RMB (US$12.6 billion) and 50 billion RMB RQFII to London and Singapore, respectively, which shows that the Chinese regulator has been expanding its RQFII scheme overseas.

Additionally, China’s Ministry of Finance said that the Autorité des Marchés Financiers (AMF) and China Banking Regulatory Commission (CBRC) are planning to sign an agreement to introduce Qualified Domestic Institutional Investors (QDII) scheme into the French market.

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China’s Ministry of Finance said: "The agreement is in relation to the overseas wealth management business of Chinese commercial banks, and its signing will be beneficial to both markets. Both sides welcome the promotion of insurance companies and asset management firms already qualified to invest in France."

Zhu Guangyao China’s vice finance minister said: "China holds an open attitude on the issue. We respect the reality of the market, and we are pleased to see the development of the Paris offshore RMB market. This means that some 10 billion US dollars were settled in RMB annually."