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China's offshore bond trade opens up to non-bank financial entities
Southbound Bond Connect expansion follows easing yuan depreciation pressure
China announces the easing of outbound capital controls at the Bond Connect Anniversary Summit in Hong Kong on Tuesday. (Lorretta Chen)
LORRETTA CHEN
HONG KONG -- China has expanded its Southbound Bond Connect program to allow a broader range of mainland financial institutions to invest in offshore bond markets via Hong Kong, further relaxing restrictions on outbound capital flows.
The program, which enables mainland investors to buy and sell notes tradable in Hong Kong, now includes non-bank financial institutions such as securities firms, mutual funds, insurance companies and wealth managers, said Jiang Huifen, deputy director general at the People's Bank of China, during a forum in Hong Kong on Tuesday.
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