rmitted to engage in cross-border transactions using the RMB. Since April 2006, preapproved institutional investors from the PRC have been allowed to invest in RMB-denominated financial instruments offshore, such as in Hong Kong, China. In August 2010, foreign central banks and certain types of foreign financial institutions were allowed to invest in the PRC’s onshore interbank bond market. Then, in December 2011, the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme was introduced to allow prequalified offshore institutions — including foreign central banks — to invest, subject to quota, in the PRC’s onshore interbank bond market and equity market. Finally, the quota for RQFII was raised in April 2012, and onshore nonfinancial institutions were allowed to issue RMB bonds in
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