China sent a spy balloon. Now they are getting payback ;-)
Via the Wall Street Journal (gated) ICYMI:
- The Hong Kong subsidiary of Citadel Securities has been designated a “qualified foreign institutional investor," or QFII.
- It was previously limited to buying and selling mainland Chinese shares through Stock Connect, a trading link with Hong Kong.
Now it'll get wider access, for both brokerage and trading, to equity and bond markets in China
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As background to this, along with the more recent Stock Connect link, the two-decade-old QFII programme provides a crucial pathway for international institutions to access China's financial markets.
- QFII certification is held by more than 740 foreign institutions (that's via data from China's securities regulator).
- Four further organisations have recently received QFII certifications.
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Graphic via Goldman Sachs
