Investment Fund Market Guide – China


Key features (Register market)




Settlement free of payment



Settlement against payment


Cash instructions via Clearstream Banking must be instructed in “CNY” only. 

“CNH”, “CNS” and “RMB” are unofficial currency codes and are not included in the ISO 4217.

Refer to CBL’s Eligible currencies and the fund currency specified in fund prospectus.

Disclosure Requirements


Refer to Disclosure Requirements – Investment Funds – China.

Restrictions on customer


 The requirement of the 3-digit CSISC agent code.

(The Guide to application for CSISC participant code (the 3-digit CSISC agent code) will be visible in the Attachments section below if logged in as a Premium User.)

Refer to Holding Restrictions – Investment Funds – China.

Restrictions on settlement






Market type / link type (Settlement link)

Register market

Eligible fund types in CBL

Register market: China-domiciled funds approved by SFC under MRF (Southbound funds).

CSD link: n/a

Introduction to the Mutual Recognition of Funds (MRF)

The China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission of Hong Kong (SFC) made a joint announcement on 22 May 2015 on the regulatory cooperation concerning the Mainland China-Hong Kong Mutual Recognition of Funds (MRF) initiative.

Through the MRF, the CSRC and SFC will allow Mainland China and Hong Kong funds that meet the eligibility requirements to obtain authorisation or approval for offering to retail investors in each other’s markets.

The MRF provides direct access to China-domiciled funds in the Chinese market without the need to apply for the Qualified Foreign Institutional Investor (QFII) or the Renminbi Qualified Foreign Institutional Investor (RQFII) statuses.

Southbound funds

China-domiciled funds offered in Hong Kong with the approval of SFC.

Northbound funds 

Hong Kong-domiciled funds offered in Mainland China with the approval of CSRC.

Eligible fund types in CBL

Register market (Southbound funds1 under the MRF scheme)

China-domiciled funds are eligible in Clearstream Banking, provided they have been approved by the SFC to be offered in Hong Kong under the MRF scheme.


1. Northbound investments are Hong-Kong domiciled funds, whereas this Investment Fund Market Guide pertains only to China domiciled funds.