A senior official from Ireland said on Wednesday that officials will meet with the People's Bank of China (PBOC), the central bank, to further discuss the RMB Qualified Foreign Institutional Investors (RQFII) quota in China, as a move to improve the country's operating environment for financial services and build closer bilateral financial cooperation with China.
Eoghan Murphy, Ireland's minister of state for financial services, made the remark during a visit to Beijing. Further discussion of the RQFII quota with Chinese authorities and State-owned banks is one of his tasks during the visit.
At the end of 2016, the PBOC and the Central Bank of Ireland announced that Ireland had been granted access to invest in securities in China, which allows Ireland to become only the 18th jurisdiction outside of China granted an RQFII quota.
A quota of 50 billion yuan ($7.19 billion) was granted.
The quota will allow Irish-based financial institutions to invest in China's domestic bond and equity markets using the yuan, and Irish financial service providers will be able to offer this service to European markets.
