HSBC China Leads in Cross-Border Fund Services for Mainland Investors

HSBC China announced a new cross-border fund product aimed at assisting mainland clients in investing in foreign markets. This move comes amidst a recent crackdown on illegal cross-border trading, signaling Beijing’s intent to allow mainland investors access to overseas markets through legal channels. The China unit of HSBC Holdings, a major player in Hong Kong and Europe, revealed its plan to offer custody, settlement, and investment supervision for a mainland fund company’s product issued under the qualified domestic limited partnership (QDLP) program. China’s strict capital controls prohibit mainland businesses and individuals from depositing money in offshore accounts or directly investing…