Wednesday, December 13, 2017

Swiss Re becomes first Swiss firm to obtain China’s RQFII licence

Swiss Reinsurance Company Ltd (Swiss Re), the world’s second-largest reinsurer, has become the first Swiss firm to be granted a Renminbi Qualified Foreign Institutional Investor (RQFII) licence.

In a statement posted on its website, Swiss Re has confirmed that the granting of the licence by China followed an agreement reached between Switzerland and China to allow Swiss financial firms to invest in the Chinese domestic capital markets through the establishment of a Rmb50bn (US$8.05bn) quota.

The licence means Swiss Re can now proceed and apply for a quota to invest in the Chinese domestic securities markets, predominately into the fixed income market, the company said on its website.

Swiss Re’s group chief investment officer Guido Fürer said the RQFII programme allows the reinsurer to gain access to the Chinese financial market and is an important step in the firm’s business aspirations under its high growth market strategy.

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