In Beijing, a common alliance has been formed between the Asset Management Association of China (AMAC) and the Association of the Luxembourg Fund Industry (ALFI). The aim of this is to devise profitable opportunities for their respective fund industries and deepening the partnership between the two associations.
The agreement is intended to improve communication, exchanges of information and investor protection practises; Luxembourg, considered as a gateway to Europe and a dominant worldwide base for frontier asset management activities, is attractive to Chinese asset managers wishing to expand their activities.
China also signed an agreement with the Alternative Investment Management Association (AIMA) to expand its continental fund management business. In April, the participation of Jersey-domiciled funds in the QFII and the QDII schemes was agreed by the China Securities Regulatory Commission (CSRC) and the Jersey Financial Services Commission (JFSC). Also, the People’s Bank of China signed an MoU with Luxembourg and France for RMB clearing arrangements, following the arrangements with Germany’s Central Bank and the Bank of England.