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China plans pilot scheme for individual overseas investment
January 13, 2013 / 12:26 PM / 5 years ago

China plans pilot scheme for individual overseas investment

BEIJING (Reuters) - China’s central bank said it will make preparations this year to launch a trial programme to allow individuals to invest in overseas financial markets, a move designed to strengthen the role of its currency abroad.

China's nation flag flies in front of the headquarters of the People's Bank of China, the central bank, in Beijing November 30, 2011. REUTERS/Soo Hoo Zheyang

The People’s Bank of China said in a statement posted on its website that “related preparatory work” for a trial domestic individual investor programme was one of its major tasks in 2013. It did not elaborate.

The bank said it would also press forward with a pilot renminbi-denominated scheme, launched in late 2011, to allow Hong Kong subsidiaries of China’s fund houses and brokerages to raise off-shore yuan in mainland capital markets.

The central bank said it would seek to strengthen the role of the yuan on overseas markets this year by simplifying cross-border settlement and auditing procedures.

It said it would also continue to promote bilateral currency swaps and implement currency settlement agreements with other countries.

Reporting by David Stanway. Editing by Jane Merriman

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