CHINA OPENS THE DOOR TO GLOBAL INVESTORS
<p><span word="China">China</span> <span word="Interbank">Interbank</span> <span word="Bond">Bond</span> <span word="Market">Market</span> <span word="Direct">Direct</span> <span word="allows">allows</span> <span word="more">more</span> <span word="foreign">foreign</span> <span word="institutional">institutional</span> <span word="investors">investors</span> <span word="to">to</span> <span word="gain">gain</span> <span word="access">access</span> <span word="to">to</span> <span word="the">the</span> <span word="world">world</span>'<span word="s">s</span> <span word="third">third</span> <span word="largest">largest</span> <span word="onshore">onshore</span> <span word="bond">bond</span> <span word="market">market</span>.</p><p><span word="Feeding">Feeding</span> <span word="the">the</span> <span word="demand">demand</span> <span word="of">of</span> <span word="global">global</span> <span word="investors">investors</span> <span word="to">to</span> <span word="tap">tap</span> <span word="the">the</span> <span word="opportunities">opportunities</span> <span word="coming">coming</span> <span word="from">from</span> <span word="RMB">RMB</span> <span word="internationalisation">internationalisation</span>, <span word="China">China</span> <span word="has">has</span> <span word="been">been</span> <span word="opening">opening</span> <span word="up">up</span> <span word="its">its</span> <span word="onshore">onshore</span> <span word="capital">capital</span> <span word="market">market</span> <span word="over">over</span> <span word="the">the</span> <span word="past">past</span> <span word="few">few</span> <span word="years">years</span> <span word="through">through</span> <span word="a">a</span> <span word="variety">variety</span> <span word="of">of</span> <span word="foreign">foreign</span> <span word="access">access</span> <span word="schemes">schemes</span>. <span word="One">One</span> <span word="of">of</span> <span word="the">the</span> <span word="latest">latest</span> <span word="is">is</span> <span word="the">the</span> <span word="China">China</span> <span word="Interbank">Interbank</span> <span word="Bond">Bond</span> <span word="Market">Market</span> (<span word="CIBM">CIBM</span>) <span word="Direct">Direct</span>, <span word="which">which</span> <span word="allows">allows</span> <span word="a">a</span> <span word="wider">wider</span> <span word="range">range</span> <span word="of">of</span> <span word="foreign">foreign</span> <span word="institutional">institutional</span> <span word="investors">investors</span> <span word="to">to</span> <span word="gain">gain</span> <span word="access">access</span> <span word="to">to</span> <span word="the">the</span> <span word="world">world</span>'<span word="s">s</span> <span word="third">third</span> <span word="largest">largest</span> <span word="onshore">onshore</span> <span word="bond">bond</span> <span word="market">market</span> <span word="for">for</span> <span word="the">the</span> <span word="first">first</span> <span word="time">time</span>. <span word="On">On</span> 24 <span word="February">February</span> 2016 <span word="the">the</span> <span word="People">People</span>'<span word="s">s</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="China">China</span> (<span word="PBoC">PBoC</span>) <span word="issued">issued</span> <span word="a">a</span> <span word="directive">directive</span> <span word="that">that</span> <span word="relaxed">relaxed</span> <span word="the">the</span> <span word="rules">rules</span> <span word="on">on</span> <span word="participation">participation</span>. <span word="This">This</span> <span word="opened">opened</span> <span word="the">the</span> <span word="door">door</span> <span word="for">for</span> <span word="banks">banks</span>, <span word="securities">securities</span> <span word="companies">companies</span>, <span word="fund">fund</span> <span word="management">management</span> <span word="companies">companies</span>, <span word="insurance">insurance</span>, <span word="pensions">pensions</span>, <span word="and">and</span> <span word="other">other</span> <span word="long">long</span>-<span word="term">term</span> <span word="investors">investors</span> <span word="to">to</span> <span word="come">come</span> <span word="into">into</span> <span word="a">a</span> <span word="market">market</span> <span word="that">that</span> <span word="had">had</span> <span word="previously">previously</span> <span word="been">been</span> <span word="restricted">restricted</span> <span word="to">to</span> <span word="the">the</span> <span word="likes">likes</span> <span word="of">of</span> <span word="central">central</span> <span word="banks">banks</span>, <span word="sovereign">sovereign</span> <span word="wealth">wealth</span> <span word="funds">funds</span> <span word="and">and</span> <span word="few">few</span> <span word="other">other</span> <span word="approved">approved</span> <span word="financial">financial</span> <span word="institutions">institutions</span>.</p><p>"<span word="Hamburger">Hamburger</span>" <span word="is">is</span> <span word="a">a</span> <span word="sculpture">sculpture</span> <span word="by">by</span> <span word="Chinese">Chinese</span> <span word="artist">artist</span> <span word="Song">Song</span> <span word="Wei">Wei</span>. <span word="Its">Its</span> <span word="adaptation">adaptation</span> <span word="is">is</span> <span word="designed">designed</span> <span word="with">with</span> <span word="approval">approval</span> <span word="of">of</span> <span word="the">the</span> <span word="artist">artist</span></p><p><span word="IN">IN</span> <span word="A">A</span> <span word="CHANGING">CHANGING</span> <span word="WORLD">WORLD</span>,<span word="RMB">RMB</span> <span word="ISN">ISN</span>'<span word="T">T</span> <span word="JUST">JUST</span></p><p><span word="ABOUT">ABOUT</span> <span word="CHINA">CHINA</span>.</p><p><span word="CIBM">CIBM</span> <span word="Direct">Direct</span> <span word="created">created</span> <span word="much">much</span> <span word="excitement">excitement</span> <span word="as">as</span> <span word="the">the</span> <span word="participants">participants</span> <span word="in">in</span> <span word="the">the</span> <span word="scheme">scheme</span>, <span word="known">known</span> <span word="as">as</span> <span word="Qualified">Qualified</span> <span word="Offshore">Offshore</span> <span word="Institutional">Institutional</span> <span word="Investors">Investors</span> (<span word="QOII">QOII</span>1), <span word="would">would</span> <span word="gain">gain</span> <span word="access">access</span> <span word="to">to</span> <span word="the">the</span> <span word="wholesale">wholesale</span> <span word="over">over</span>-<span word="the">the</span>-<span word="counter">counter</span> <span word="market">market</span> <span word="estimated">estimated</span> <span word="to">to</span> <span word="be">be</span> <span word="USD">USD</span> 7.3 <span word="trillion">trillion</span> <span word="in">in</span> <span word="size">size</span>. <span word="A">A</span> <span word="few">few</span> <span word="points">points</span> <span word="of">of</span> <span word="ambiguity">ambiguity</span> <span word="in">in</span> <span word="the">the</span> <span word="February">February</span> <span word="announcement">announcement</span> <span word="were">were</span> <span word="cleared">cleared</span> <span word="up">up</span> <span word="by">by</span> <span word="a">a</span> <span word="second">second</span> <span word="announcement">announcement</span> <span word="on">on</span> 27 <span word="May">May</span> <span word="made">made</span> <span word="simultaneously">simultaneously</span> <span word="by">by</span> <span word="PBoC">PBoC</span> <span word="and">and</span> <span word="the">the</span> <span word="State">State</span> <span word="Administration">Administration</span> <span word="of">of</span> <span word="Foreign">Foreign</span> <span word="Exchange">Exchange</span> (<span word="SAFE">SAFE</span>).</p>
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