CI Investments will become the first Canadian investor in China's renminbi qualified foreign institutional investor (RQFII) scheme in a move hailed as a significant extension of the programme in the Americas.
HSBC, the firm's custodian, says CI Investments will be the first institutional investor in the Americas region to access China through the RQFII programme.
China included Canada in the RQFII scheme, which allows foreign investors to buy equities traded in mainland China using offshore renminbi, in November 2014. Canada has an initial quota of 50 billion renminbi ($8.6 billion). As yet, the US does not have a quota under the RQFII scheme.
“In China, we see long-term economic growth and attractive investment opportunities for our investors,” says Eric Bushell, senior vice-president, CI Investments.
A number of Canadian institutions already buy mainland Chinese stocks under the qualified foreign institutional investor (QFII) scheme, a predecessor to RQFII.
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