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Legal Update

RQFII Rules: New Ways to Use Offshore RMB - Part II

4 January 2012
Mayer Brown JSM Legal Update
Details of the long awaited mini-QFII or RQFII scheme were finally announced on 16 December 2011. The new rules permit Hong Kong subsidiaries of fund management and securities companies in the People’s Republic of China ("PRC") to apply for quotas to use renminbi ("RMB") funds raised in Hong Kong to invest in the PRC securities market. The first successful batch of applicants announced their approvals on 22 December 2011.

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