China will give offshore money managers more freedom in deciding where to invest their renminbi holdings, in the latest step to boost the currency’s global appeal.

中国将给予境外投资机构更大的自由度来决定如何投资人民币，这是中国提振人民币全球吸引力的最新举措。

The Chinese Securities Regulatory Commission said it would allow offshore funds greater latitude in investing in renminbi-denominated stocks, bonds and other assets. Previously, they could only invest 20 per cent of their assets in Chinese stocks and could only offer their clients exchange traded funds and fixed-income products.

中国证监会(CSRC)表示，它将允许境外基金在投资人民币计价的股票、债券和其他资产方面拥有更大的自由度。此前，境外基金只能把资产的20%投资于中国股市，并且只能向客户提供交易所交易基金(ETF)和固定收益产品。

“Although this had been good for controlling risks, it was very difficult to satisfy the differentiated demands of investors,” the regulator said in a statement.

中国证监会在一份声明中表示，以往的做法“虽然有利于控制风险，但难以满足投资者的差异化需求。”

China has rolled out a series of reforms to give foreign institutions more investment freedom, in moves designed in part to promote the internationalisation of the renminbi. Such reforms could also help Chinese shares join global equity benchmarks within three years, according to Mark Makepeace, FTSE chief executive.

中国已经推出了一系列改革措施，给予外国机构更大的投资自由，这些举措在一定程度上旨在提高人民币国际化水平。富时集团(FTSE)首席执行官麦思平(Mark Makepeace)表示，这些改革举措将帮助中国股票在3年内加入全球股市基准。

“The move to open channels for foreign portfolio investors will benefit the mainland market, bringing in more demand for equities and bonds,” Dariusz Kowalczyk, a strategist with Crédit Agricole CIB, said in a note to clients.

法国东方汇理银行(Crédit Agricole CIB)策略师达留什•科瓦尔奇克(Dariusz Kowalczyk)表示：“向外国证券投资人敞开渠道的举措，将使中国内地市场受益，刺激股票和债券需求。”

The latest changes will affect the so-called renminbi qualified foreign institutional investor programme, one of the main channels for overseas investment in China’s markets. Under the RQFII scheme, Beijing has granted approval to a select number of Hong Kong firms to invest offshore renminbi in mainland markets.

最近的这种变化将影响所谓的人民币合格境外机构投资者(RQFII)计划，这是海外资金投资中国市场的主要渠道之一。按照RQFII制度，中国政府获准一些精选的香港企业把离岸人民币投资于内地市场。

The regulator also said it would permit the Hong Kong units of Chinese banks and insurers as well as other Hong Kong-based financial institutions to manage RQFII funds. At the outset of the programme in late 2011, only the Hong Kong units of Chinese brokerages and fund managers had been allowed to participate.

中国证监会还表示，它将允许中国各家银行以及保险公司的香港分公司以及总部位于香港的金融机构管理RQFII基金。在2011年末RQFII推出之初，只有中国券商和基金公司的香港分部获准参与。

But Chinese regulators remain concerned about opening the doors to foreign investors too quickly. Individual foreign institutions will not be allowed to hold more than 10 per cent of any Chinese stock, with overall overseas ownership capped at 30 per cent.

但中国监管机构仍然担心对外国投资者开放的步伐太快。一家外国机构持有的任何一支中国股票份额不得超过10%，一支股票的海外总持有比例不得超过30%。