A little-reported rule change by China’s central bank last week could unleash trillions of dollars of foreign investment into the country.
Foreign institutional investors, including commercial banks, insurance companies, asset managers and pension funds, have been given the green light to invest in China’s domestic interbank bond market en masse, without being limited by fiddly quotas.
Z-Ben Advisors, a Shanghai-based consultancy, said the People’s Bank of China “effectively threw the previous access rule book out the window” by opening up the bulk of the Rmb48tn ($7.3tn) onshore credit market.
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