-PBoC, SAFE and CSRC released details on changes to inbound access
-Harmonization across QFII and RQFII is closer than ever
-Flexibility will significantly impact competitive dynamics

Update: China’s inbound investment programs are moving toward a shared open architecture. Over the weekend, PBoC, SAFE and CSRC held a joint training event to give foreign participants some long-awaited clarification on adjustments to inbound access. QFII is about to become better aligned with RQFII and it is clear to us that both programs will now be moving forward in tow. PBoC also gave further details on the registration-based access to the interbank bond (IBB) market, with execution rules expected in two to four weeks. Here, we analyze the new access rules for participants and forecast what clients will need to do both to prepare for and use the new framework.

The harmonized QFII and RQFII programs are now about to move toward…

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