Amidst all this trade war news, at least someone is getting along!
Japan’s MUFG Bank has obtained a quota under the Renminbi Qualified Foreign Institutional Investor scheme in China
- allows overseas investors to buy bonds and stocks in China
- MUFG will be able to invest up to 6 billion yuan ($867 million), the largest quota of any bank
- the second Japanese bank to receive a quota
- Adds the Nikkei:
- The move also supports the Chinese government’s goal of internationalizing the yuan. Japan’s financial markets continue to play an important role in this, and MUFG’s new quota will make it easier to raise yuan-denominated funds overseas.