China has approved record amounts of money to flow out of the country through an official investment scheme as authorities liberalise the local financial system against a backdrop of a rallying renminbi.
A cumulative $147bn of approvals have been added to the nation’s qualified domestic institutional investor scheme, which allows investors to access assets outside mainland China through banks and other institutions.
In early June, Beijing approved $10bn in new QDII allocation, the highest single amount in the history of the scheme, which was launched in 2006 and is used mainly by China’s retail investors.
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