Hong Kong and mainland China to provide for mutual recognition of retail funds
The Hong Kong Securities and Futures Commission (SFC) announced on 23 January 2013 that it has been working closely with the China Securities Regulatory Commission (CSRC) to provide for the mutual recognition of retail funds authorised in Mainland China and Hong Kong. While still at a preliminary stage, this initiative will make it easier for mutual fund managers to raise capital in Mainland China, and will encourage the further growth of Hong Kong as an international asset management centre and the pre-eminent offshore centre for the Chinese currency, the Renminbi (RMB).
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