China approves Aussie investments
Tony D'Aloisio
The Australian Securities and Investments Commission (ASIC) and the China Banking Regulatory Commission (CBRC) have formalised an agreement that will see Australia made an approved investment destination under the Chinese Qualified Domestic Institutional Investor (QDII) scheme.
ASIC chairman Tony D’Aloisio said ASIC and the CBRC have accepted letters of exchange, recognising Australia under the scheme.
According to D’Aloisio, the agreement is evidence Australia’s capital markets are seen by China as being as important as Hong Kong, United States, United Kingdom, Singapore and Japan, which are also recognised under the QDII scheme.
“This agreement will lead to Australia being a more attractive destination for China’s capital investment. It has the potential to improve liquidity on the Australian Securities Exchange and increase investment in Australian managed funds,” D’Aloisio said.
The scheme will see qualified Chinese banks now able to offer their customers a range of Australian investment opportunities.
“Chinese institutions regulated by the CBRC can apply for an allocation of their funding to be able to be invested in Australian stocks and managed funds. I am confident that the Australian investment community will embrace this important development and the opportunities it presents.”
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