LINE

Text:AAAPrint
ECNS Wire

RQDII banned from remitting funds overseas for foreign currency

1
2018-05-03 14:10Ecns.cn Editor: Mo Hong'e ECNS App Download

(ECNS) -- The People's Bank of China has issued a new rule to regulate overseas securities investment by Renminbi Qualified Domestic Institutional Investors (RQDII).

It allows RQDII to invest in yuan-denominated assets overseas but bans them from moving yuan out of the country for forex purchases, according to the central bank's notice.

RQDII shall report basic information, including fund sources, fund scale and investment plan to the Shanghai HQ of the central bank, which will maintain a macro management role according to offshore RMB liquidity and other factors.

Domestic custodian banks should strengthen review on the authenticity and legality of overseas investment by qualified foreign institutional investors and ensure that their investment complies with laws and regulations.

Shanghai HQ should formulate corresponding implementation rules and strengthen supervision on information related to RQDII investors, who should regularly report their investments to People's Bank of China.

Violators will be punished accordingly.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.