QFII, R-QFII and Luxembourg funds

As widely reported in November 2013, the first Luxembourg R-QFII UCITS allowing for a 100 per cent China A-Shares strategy has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (CSSF).

This announcement was expected and highly anticipated by the industry in both Hong Kong and Luxembourg. It gave a strong message that Luxembourg, as traditional fund centre and rising renminbi (RMB) financial centre, is determined to keep its first mover advantage regarding People’s Republic of China (PRC) strategies and is willing to encourage Asian, US and European asset managers to use the Luxembourg UCITS brand to market their PRC strategies in the EU and abroad.

As the PRC economy matures and the PRC government is opening up its capital markets, managers have seen an increasing number of opportunities and clear interest of investors in portfolios providing them exposure to China A-Shares, RMB fixed-income securities dealt on the China inter-bank bond market, financial indices or derivatives on those instruments…

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