On 7 May 2020 the People’s Bank of China (“PBOC”) and State Administration of Foreign Exchange (“SAFE”) issued new Administrative Provisions on Funds for Domestic Securities and Futures Investment by Foreign Institutional Investors (境外机构投资者境内证券期货投资资金管理规定) which remove investment quotas on QFII / RQFIIs and standardise the arrangements for custody, bank accounts, remittances and payments in mainland China by foreign investors. The new rules become effective on 6 June 2020.
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