INTERNATIONAL: RQFII quota granted to Qatar for foreign investment in China

Wednesday November 5 2014

The Qatar Central Bank has announced that it has signed MOUs with the China Banking Regulatory Commission and the People’s Bank of China (PBC), as well as a Currency Swap Agreement with the PBC in order for the State of Qatar to become a centre for renminbi (“RMB”) clearing and settlement. During the visit, HH the President of China announced that the State of Qatar has also been granted a 30 billion Yuan share to invest in RQFII.

The MoU establishes the framework for a centre for renminbi (“RMB”) clearing and settlement in Doha, Qatar. Under the MoU, the central banks will jointly review the implementation of the necessary arrangements for the RMB businesses in Qatar and co-operate on related supervisory matters. The central banks also agreed to extend the RQFII pilot to Qatar with an initial quota of 30 billion CNY. The RQFII quota will be available to asset managers licensed in Qatar by the QCB, the Qatar Financial Markets Authority or the QFC Regulatory Authority.

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