HSBC announced on Monday that it had been mandated as a custodian bank in China to service Industrial and Commercial Bank of China (Europe) S.A., which recently obtained regulatory approval as a Luxembourg-based RMB Qualified Foreign Institutional Investor (RQFII).
RQFII, expanded to Luxembourg in April 2015, is a pilot program that allows foreign investors to invest in Chinese onshore stock and bond markets with offshore yuan. HSBC said that Luxembourg is the fifth QRFII market in Europe and HSBC is offering custodian service to the first QRFII investors from each of those five markets.
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