Major QFII changes seen targeting MSCI inclusion

China's foreign exchange regulator has unveiled significant changes to the cross-border qualified foreign institutional investor (QFII) scheme, to address concerns over accessibility to its capital markets. The reforms include combining the current approval system for quotas with a registration approach, and allowing capital repatriation on a daily – rather than weekly – basis for all institutions. Industry observers said the mainland authorities were seeking to strengthen the c…