September 30, 2015 / 1:58 PM / 4 years ago

China details rules to allow foreigners in interbank market

BEIJING, Sept 30 (Reuters) - China issued detailed rules on Wednesday allowing foreign central banks, sovereign wealth funds and international financial institutions to participate in interbank foreign exchange trading in the country.

Foreign investors can enter the Chinese market via three channels, the People’s Bank of China said on its website www.pbc.gov.cn. These are trading through the central bank; using members of China’s interbank market as agents; and applying to become a member of the market themselves.

They will be allowed to trade spot products, forwards, swaps and futures options, with no limits on the sizes of investment, PBOC said.

Granting foreign investors greater access to China’s capital markets is a long-running theme in the country’s quest to reform its economy to make it more reliant on free markets and less dependent on central planning.

The detailed rules followed the PBOC’s decision in July to permit long-term foreign investors to trade in China’s interbank market and remove limits on the size of investments. (Reporting by Chen Aizhu; Editing by Catherine Evans)

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