Investor Presentaiton
CIBM: A Step Towards Internationalization
Year Published
Qualified
investors
ROIl program
2015
Central Banks, SWFs,
Supranationals
Quota
No quota
Products
Cash bond, bond repo, bond
lending, bond forward, IRS, FRA
Access method to
(1)
PBOC as agent
CIBM
(2)
Bond settlement bank as
agent
(3)
Direct Participation
Market Access
Registration
FX
Onshore:
Access FX as CFETS member via
(1)
PBOC as agent
(2)
FX agent bank
(3)
Direct Participation
For FX spot, forward, swap,
option
Offshore:
Fund transfer
Expanded Fl program
2016
Banks, insurance companies, securities
companies, funds and other asset
management firms, as well as the investment
products issued by these institutions; long
term investors recognized by PBOC, such as
pension funds, charity funds, endowment
funds
.
No quota
•
manage the program under the "macro
prudential" method
• Cash bond
Others: Bond repo will be allowed for RMB
participating banks and clearing banks
Domestic commercial banks with agency
qualification
Registration
Via bond settlement bank
Onshore:
·
•
FX conversion with bond settlement bank
Repatriation is allowed as long as outgoing
FX mix (FCY vs. RMB) is within 10% of
that brought in
Offshore:
Fund transfer
QFII/RQFII
2011/2013
QFII and RQFII holder to
apply CIBM access in a
separate application
process
QFII: quota by
investors
• RQFII: quota by
region and investors
Cash bond
Domestic commercial
banks with agency
qualification
Approval
RMB participating bank
/RMB clearing bank
2010
RMB clearing banks Oversea
RMB clearing banks with
positive offshore RMB balance
from RMB XB business
Quota by bank
Cash bond
Bond repo (need NAFMII)
Domestic commercial banks
with agency qualification
QFII:
Onshore FX
conversion with
custodian bank
Approval
Offshore RMB in/outflow
RQFII:
•
Offshore RMB
in/outflow
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