Chinese financial regulators have virtually agreed to allow South Korean banks and other financial institutions to invest in Chinese bonds, lowering the bar that was only opened to asset managers, officials here said Sunday.
South Korea's Financial Services Commission (FSC) said it has reached a near agreement with its Chinese counterpart to give South Korean banks, brokerages and insurance firms a status known as RQFII, the Renminbi Qualified Foreign Institutional Investors. Foreign institutions need the status to be able to invest in Chinese equities.