Softer FX rules for China QFIs set to boost CNY competition

State Street expects the relaxation of restrictions on FX trading by overseas funds using China’s Qualified Foreign Investor (QFI) programme to make onshore renminbi (CNY) pricing more competitive and create opportunities for dealers that are not registered onshore as local custodians.

New proposals in a consultation released by the People’s Bank of China and the State Administration of Foreign Exchange will allow foreign investors buying Chinese securities via the QFI scheme to trade and settle

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