China’s $5.8 trillion interbank bond market is being opened further to foreign institutional investors, offering evidence that the government remains committed to slowly liberalising its capital markets even as a pall is cast over domestic equity markets.
Foreign central banks, international financial organisations, and sovereign wealth funds will no longer have to seek prior administrative approval to invest in the country's onshore interbank debt market, the People’s Bank of China said late Tuesday. Instead these foreign institutions will now only have to file a one-page registration form of their investment plan with the PBoC.
Under the new rules, which came into effect on Tuesday,...
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