Singapore, 24 January 2014... The Monetary Authority of Singapore (MAS) announced today that eligible financial institutions can submit applications for the Renminbi Qualified Foreign Institutional Investor (RQFII) licence that will enable these institutions to offer RMB investment products and invest offshore RMB into China's securities markets. The applications are to be made to the China Securities Regulatory Commission (CSRC) via approved custodian banks. All Singapore-incorporated financial institutions that are approved by MAS to conduct fund management activities may apply for the licence.

2   Singapore was allocated an aggregate quota of RMB50 billion under China’s RQFII programme. The introduction of the RQFII scheme in Singapore is expected to play a key role in developing a vibrant RMB eco-system here. The scheme will spur the development of a broader range of RMB products and services to meet investment needs.

3   For details relating to the application process, please refer to the “Renminbi Qualified Foreign Institutional Investor (RQFII) FAQ” on MAS’ website at /-/media/mas/singapore-financial-centre/rqfii-faq.pdf (348.7 KB)

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