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Shortly after China launched the Renminbi Qualified Foreign Institutional Investor (RMB QFII) Scheme in December 2011, the State Administration of Foreign Exchange and the People's Bank of China have issued their own circulars to elaborate on the implementation of the scheme. On the practical front, the Hong Kong Securities and Futures Commission has approved five RMB QFII funds which will be launched shortly. With these new developments, we have updated our earlier briefing issued in December 2011 to include a discussion of the provisions of these two circulars and their impact on the operation of the scheme.

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