2. Research questions
What is the expected pace of financial liberalisation in China?
What will happen next? What should be done next?
What barriers and obstacles are there to opening the capital
account?
What will the impact be of opening up?
Until then, how will the offshore market develop?
How do opinions on these issues differ between investors based
in mainland China and those outside it?
2
3. “Crossing the river by feeling for stones”
End of
peg to
US$
QDII
Crossborder
RMB
trade
settlement
Dim
sum
bonds
begin
RQFII
Mutual
recogni
tion for
HK
funds
(?)
RMB
retail
banking
in HK
QFII
2002
3
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013 2014