The following is issued on behalf of the Hong Kong Monetary Authority:

  The Hong Kong Monetary Authority (HKMA) welcomes the announcement by the People's Bank of China today (July 4) that the State Council has approved the increase of Hong Kong’s Renminbi Qualified Foreign Institutional Investor (RQFII) quota from currently RMB270 billion to RMB500 billion.

     "RQFII has been an important channel for overseas investors to invest in the Mainland financial markets since its introduction in late 2011.  Hong Kong's RQFII quota has been further increased significantly and remains the largest in the world, and this highlights our important role as an intermediary to facilitate overseas investors' participation in the Mainland financial markets.  I hope our industry stakeholders will continue to make good use of the scheme and develop more diversified RMB business leveraging Hong Kong's platform," said the Chief Executive of the HKMA, Mr Norman Chan.

     Hong Kong is the first place for pilot implementation of RQFII scheme.  RQFII quota for Hong Kong had been expanded twice to RMB270 billion in 2014 and has already been fully allocated.

Ends/Tuesday, July 4, 2017
Issued at HKT 16:05

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