Yuan Inches Up as China Scraps Foreign Investment Limit in Stock Markets

Yuan Inches Up as China Scraps Foreign Investment Limit in Stock Markets

12 Sep 2019 11:17 AM
 
The Chinese yuan inched up against the U.S. dollar on Wednesday in Asia after Beijing scrapped foreign quota and allowed unfettered access to the stock markets. The USD/CNY pair inched up 0.1% to 7.1176. China’s State Administration of Foreign Exchange said in a statement on Wednesday that it would remove quota restrictions on the dollar-dominated qualified foreign institutional investor scheme and RQFII, a programme introduced in 2011 that gives investors access to offshore renminbi to buy mainland-traded stocks.