From Financial Times:
Some of the world’s biggest fund managers are set to expand aggressively into the booming Chinese wealth management market following a rule change that could trigger a massive flow of mainland investments into foreign equity products.
The long-awaited liberalisation of China’s overseas investment regulations, announced after the market closed on Friday, enables Chinese banking clients to gain exposure to foreign equity funds authorised by overseas regulators such as Hong Kong’s Securities and Futures Commission.
The new rules, in effect, let foreign fund managers tap China’s $2,000bn in retail bank deposits, the world’s biggest savings pool, without forming mandatory domestic operations.[Full Text]
