RQFII scheme to be expanded in overseas investment drive

China’s securities regulator is planning to expand the RMB qualified foreign institutional investor (RQFII) programme to accelerate the opening up of domestic capital markets to overseas investors, its vice-chairman Yao Gang told the Asian Financial Forum yesterday.

The RQFII scheme was introduced last month to permit Hong Kong subsidiaries of Chinese fund companies and securities firms to raise renminbi offshore and invest back into the onshore securities market.