China to publish new yuan investment rules soon-paperChina plans to allow cross-border direct investment in RMB China's Ministry of Commerce has said it intends to allow cross-border direct investment into the country in the Chinese currency renminbi (RMB), the country's latest effort to diversify investment options of the Yuan and facilitate its internationalization process. Foreign investors will be able to make direct investments in China with RMB obtained legally from overseas, according to a draft released by the ministry, which is currently soliciting public feedback on the new rules. The ministry said in a notice on its website the move was aimed at "further promoting cross-border trade and investment in RMB." The ministry said RMB funds obtained through cross-border trade settlement and overseas issuance of RMB-denominated bonds or stocks are eligible for such direct investments. RMB profits gained by foreign-invested companies in China and then remitted out of the country are also eligible. However, those overseas RMB funds can not be used to invest in negotiable securities and financial derivatives in China directly or indirectly, nor to provide entrusted loans in the country or repay domestic or overseas loans, said the ministry. The move follows remarks by Vice Premier Li Keqiang last week that support will be given to Hong Kong enterprises making direct investment on the mainland in RMB. The RMB Qualified Foreign Institutional Investors (RQFIIs) will be allowed to invest in mainland securities markets with an initial size of 20-B Yuan, Li announced during a visit to Hong Kong. Analysts believe those pledges will speed up circulation of RMB funds both into and out of China and help the Yuan become a more international currency. To encourage the internationalization of RMB, the Chinese government allowed trials of cross-border trade settlement in RMB in July 2009 and expanded the project to 20 provinces, municipalities and autonomous regions last year.
CNH ONE YEAR ON: BONDS, BOOM AND BUMPS
China will publish rules as early as next month to allow offshore yuan to be invested in the mainland's capital markets under a new scheme, the Shanghai Securities News reported on Friday, citing people close to the securities regulator. The so-called Renminbi Qualified Foreign Institutional Investor (RQFII) scheme, also called mini-QFII, was one of a series of measures announced last week by China's Vice Premier Li Keqiang during his trip to Hong Kong. Under the scheme, modelled after the larger Qualified Foreign Institutional Investor (QFII) programme, foreign investors will be allowed to buy mainland stocks and bonds up to an initial quota of 20 billion yuan ($3.1 billion), as Beijing promotes the international use of the Chinese currency.
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China’s offshore currency market growS UP QUICKLY After its first year, the offshore yuan market has exceeded expectations of even the optimists. Average daily CNH trading volume is more than $1 billion and the market’s structure is improving. In the next 12 months, expect some growing pains as investors get pickier and yuan appreciation expectations are curbed.
więcej w etykiecie Chiny/China, a w szczególności tutaj: Od zielonego do czerwonego czyli o procesie umiędzynarodowienia waluty ChRL
China's dreams of having the yuan trade freely one day were revived last week when Chinese Vice Premier Li Keqiang unveiled a series of measures to bolster investment options for the yuan. Below is a roadmap drawn up by a group of Chinese officials and researchers in a book titled: "RMB internationalization: Origin and Redevelopment" on just how Beijing will relax its hold on the yuan and turn it into a fully convertible currency. The yuan is also known as renminbi (RMB). China has never given a timetable on when it will achieve full yuan convertibility, but the book suggests China should make the yuan "basically" convertible within five years. REFORMS WITHIN CHINA -- External debt, claims 1. Use yuan to issue foreign loans and establish yuan internationally 2. Replace restrictions on the size of external debt with prudential standards -- Direct investment 1. Use yuan for direct investment and establish the currency internationally 2. Set a quota for foreign direct investment and set up prudential standards -- Bonds 1. Allow international financial institutions to issue debt denominated in yuan 2. Allow international financial institutions, central banks to use yuan to buy debt 3. Sharply increase investment quotas for QFII* and QDII** -- Equity 1. Allow companies to issue equity depository receipts in mainland China and Hong Kong and introduce an arbitrage mechanism 2. Allow international companies to list in mainland China and Hong Kong and 3. Sharply increase investment quotas for QFII and QDII REFORMS IN HONG KONG OFFSHORE MARKET 1. Perfect the yuan settlement scheme 2. Allow the Hong Kong government to liberalize financial services and products for yuan. Use the offshore yuan market in Hong Kong, which the yuan is freely trade, to draw experience for achieving the full yuan convertibility. OVER-ARCHING CONDITIONS 1. Introduce the concept of an international yuan and have a fixed amount of yuan convertible against other currencies 2. Free up the interest rates market 3. Use a currency regime that is backed by a basket of currencies, and let the yuan test the limits of its trading band against the dollar 4. Fine-tune the Shanghai Interbank Offered Rate to make it a better benchmark interbank market rate 5. Allow overseas direct investment and external debt to be sold under a registration system, and establish reserves for external debt * Qualified Foreign Institutional Investors scheme, which allows selected foreign institutions to invest up to $1 billion in China's yuan-denominated bonds and stocks ** Qualified Domestic Institutional Investors scheme, which allows selected domestic funds to invest abroad
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