Mini-QFII products will be subject to Hong Kong law

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Yuan-denominated funds to channel renminbi back onshore

Yuan-denominated funds offered as part of China's new 'mini-QFII' scheme will be regulated by the Securities and Futures Commission (SFC) in Hong Kong and be subject to Hong Kong law.

The mini-QFII scheme has been proposed by the Chinese government to open up new channels of investment for renminbi deposits held offshore. Unlike the qualified institutional investor programme (QFII) which uses US currency to participate in China's capital markets, this new plan will invest renminbi back into China.

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