In a sign that Beijing is strengthening economic ties with both Hong Kong and Taiwan, the Hong Kong Monetary Authority (HKMA), as well as Capital Group and Fubon Financial Holding, both from Taiwan, have been granted licences to invest in RMB-denominated stocks and bonds.
The China Securities Regulatory Commission included all three in its Qualified Foreign Institutional Investor (QFII) scheme in October, according to a statement posted on its website.
By being granted QFII status, Capital Group and Fubon Financial Holding have become the first Taiwanese financial institutions permitted to invest directly in the PRC securities market. A number of other Taiwanese financial institutions are in the queue for QFII licences, including Yuanta, Polaris and Cathay.
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