A new fee schedule has been put in place for A share accounts with effect from 8 October 2014. Fees for opening A share accounts have been cut by 56%.
As a further part of reforms with accounts systems, China Clear, the mainland entity which handles securities accounts and settlement, is accelerating development of the ‘Unified Securities Passbook’ which will ultimately allow investors to open several securities accounts under one investor ID.
Separately, China’s State Administration of Foreign Exchange (SAFE) has said that it has approved a total of RMB 283.3 billion in total for Renminbi Qualified Foreign Institutional Investor (RQFII) quotas.
Hong Kong has been in receipt of RMB 270 billion, which that means RQFII quotas granted to Hong Kong have now all been allocated. Singapore and Britain have received RMB 5.2 billion and RMB 8.1 billion respectively. SAFE said that it is now undertaking studies with other authorities to expand the RQFII scheme.