Financial institutions can now apply to invest in RMB products in China

Competition begins for this lucrative market.

The Monetary Authority of Singapore (MAS) announced that eligible financial institutions can submit applications for the Renminbi Qualified Foreign Institutional Investor (RQFII) licence that will enable these institutions to offer RMB investment products and invest offshore RMB into China's securities markets.

The applications are to be made to the China Securities Regulatory Commission (CSRC) via approved custodian banks. All Singapore-incorporated financial institutions that are approved by MAS to conduct fund management activities may apply for the licence.

Singapore was allocated an aggregate quota of RMB50 billion under China’s RQFII programme. The introduction of the RQFII scheme in Singapore is expected to play a key role in developing a vibrant RMB eco-system here. The scheme will spur the development of a broader range of RMB products and services to meet investment needs.

The MAS website will contain the full details to the application process

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