Constructing the return mechanism of RMB: small qfii looking forward to accelerate

Li yesterday, Hong Kong's chief executive, Norman, said in Beijing that the CSRC would support and expedite the approval of "small QFII".　　He also pointed out that the expansion of the renminbi settlement of Cross-border trade has led to a substantial increase in renminbi deposits in Hong Kong. "Small QFII" is expected to speed up the Norman yesterday to the "first financial daily" that with the expansion of cross-border trade in renminbi settlement pilot, overseas renminbi capital also began to increase, no renminbi reflux mechanism is not.　　In this regard, progress has been made, one of which is that banks in Hong Kong can apply to enter the interbank bond market in the mainland.　　In addition, Norman said, the use of renminbi in the mainland direct investment is also a way. He said that in the meeting with the SFC chairman Shang Fulin, the SFC expressed support and will speed up the "small qfii".　　The HKMA also expressed the hope that the early implementation of the Hong Kong market would be very desirable.　　He stressed that, on the one hand, we should pay attention to the development of real economy, on the other hand, we should pay attention to risk controllable.　　A big increase in renminbi deposits in the Enterprise Yuan Norman said that by October this year, Hong Kong's renminbi deposits were more than 210 billion, up from the end of last year's increase of more than 150 billion yuan, of which 100 billion yuan from the increase in corporate yuan deposits. "Last year's more than 60 billion yuan deposits were mainly personal deposits by Hong Kong residents." In this year's increase of more than 150 billion yuan, personal savings increased by 52.7 billion. One increase in personal savings is expected to be affected by the appreciation of the renminbi, followed by the beginning of July this year, a number of policy changes, personal financial products came out, Hong Kong's more renminbi bonds, these are more than usual in the bank account of the interest is higher. Many Hong Kong residents are willing to exchange more renminbi.　　"he said.　　He introduced that as of November this year, the number of RMB accounts opened in Hong Kong is 2.12 million households, an increase of 800,000 households than last year. The growth of deposits from companies is more than 100 billion yuan.　　Norman said the company's deposits at the end of last year were only 700 million yuan, accounting for only 7200 households, but as of the end of October this year, the account has reached 110,000.　　In his view, the expansion of the pilot Yuan settlement of Cross-border trade directly led to the increase in renminbi deposits of enterprises. "In the past, many companies have not thought or need to pay in renminbi, so the expansion of the pilot after the opening of the renminbi account opened a rapid increase." Of these, 130 billion yuan was paid from mainland enterprises when they were imported, and 30 billion yuan was remitted from Hong Kong enterprises to the mainland, thus the net increase of RMB deposits by Hong Kong Enterprises was 100 billion yuan.　　"The sudden rise in the Cross-border renminbi trade settlement line, which emerged in October this year, Norman that this is mainly because of the expansion of the pilot."　　He pointed out that in July this year, after the pilot expanded to 20 provinces and cities, the demand for enterprises began to increase, because the enterprise accounts and business negotiations to use the renminbi settlement takes a certain amount of time, so October quota use growth quickly. But he said that in addition to this part of the quota, the bank in Hong Kong also holds a certain renminbi position, and the HKMA and the PeopleThe Bank of China has signed a currency swap agreement of 200 billion yuan, which companies can use to get the renminbi. "As far as I know, no companies have come to the HKMA to apply for currency swaps in October after the renminbi settlement limit for cross-border trade was exhausted." But Norman said the renminbi settlement line for cross-border trade next year has not been finalized.