据路透香港Sumeet Chatterjee和Michelle Price报道，中国最早将在6月份解除已暂停两年的境外基金在境内募集、境外投资的限制。这意味着，北京对资本外流压力的焦虑越来越小。一些业内高管表示，合格境内有限合伙人（QDLP）的预期恢复可能意味着，官方对资本流出的打击以及美元的走弱为当局提供了更多的政策灵活性。运行QDLP计划的上海市政府金融服务办公室及控制资本账户的国家外汇管理局（SAFE）均未回复记者的询问。
QDLP计划允许境外基金管理人通过全资在岸基金管理公司，在一定配额范围内向高净值客户募集资金，进行境外投资。QDLP于2013年推出，是中国少数几个境外投资渠道之一。随后，QDLP在2015年股灾后被非正式叫停，并损失了40％左右市值。两位消息人士称，预计未来几周内，当局将重新启动新一轮期待已久的QDLP许可证及配额。一位人士称，官方本着“小心谨慎”的原则，此次仅发放6个牌照左右。相关人士及三方报道表示，配额也将从前一批的每家管理人1亿美元（约合7680万英镑）降低到5000万美元至7500万美元之间。每年资本流出累计可能在3亿至4.5亿美元。
消息人士表示，外管局还需最终同意解除该限制。对于外管局来说，人民币兑美元在2016年贬值6.5％，今年则上涨1％，市场环境更加宽松。由于严格的资本管制和暂停美元上涨，中国的外汇储备在四月份连续第三个月上涨。周五，国家外汇管理局表示，中国的跨境资本流动正在改善并日趋稳定。
一些境外管理人，如保险巨头安联（Allianz）和荷兰资产管理公司Robeco自从去年年底以来就预期资本管制放松。业内人士表示，开放的QDLP配额虽小，但将扩大全球私人银行向中国的高净值客户提供理财服务的投资选择范围。路透社曾在2015年报道，贝莱德是首家获得QDLP许可证的老牌资产管理人，后来包括英仕曼集团和奥氏资本等其他全球性基金也加入了该队列。QDLP基金是私募基金，意味着数据在资产或业绩方面不公开，但业内人士表示，他们已经看到中国的高净值投资者希望通过境外投资来对冲下跌的人民币风险的强劲需求。
日前，由于北京进一步放松了对境外基金的限制，越来越多的外资金融机构，包括阿伯丁资产管理公司、桥水基金（Bridgewater）和领航集团（Vanguard），近期在中国成立了独资资产管理公司。在此之前，寻求在中国发行基金产品的境外基金管理人必须通过合资方式，持有少数股权，但现在北京对相关要求已经逐渐放松。
Exclusive - China to liftcurbs on foreign fund offshore investments: sources
REUTERS 19/05/2017
By Sumeet Chatterjee andMichelle Price HONG KONG (Reuters)
China will lift a two-year suspension onforeign funds raising money in the country to invest overseas as early as June,people familiar with the matter said, a sign that Beijing is getting lessanxious about capital outflow pressures. Some industry executives said theexpected resumption of the Qualified Domestic Limited Partnership (QDLP)programme may mean that an official crackdown on capital outflows and aweakening of the dollar have provided the authorities with more policyflexibility. The Shanghai Municipal Government Financial Services Office, whichruns the QDLP scheme, did not respond to requests for comment, while the StateAdministration of Foreign Exchange (SAFE), which controls the capital account, didnot immediately respond to a request for comment. The QDLP programme allowsforeign fund managers to raise money within a set quota from high net-worthChinese investors through a wholly-owned onshore fund management company andinvest the cash overseas.
Launched in 2013, QDLP was one of a handful ofcontrolled schemes that allowed Chinese to invest money overseas. It wassubsequently informally suspended in 2015 after the stock market crashed andlost around 40 percent of its value. The licences and accompanying quota hadpreviously been issued in batches, with authorities expected to issue thelong-awaited next round in coming weeks, said two people briefed by regulatorson the matter. One of these people said authorities will, however, be a “littlecautious” granting only around half a dozen licences, these people said. Thequota will also be lowered from $100 million (£76.8 million) per manager duringthe previous batches to between $50 million and $75 million this time round,one of these people and a third individual briefed on the matter said. Thatcould amount to between $300 million to $450 million in fund flows abroad.
The sources said SAFE must ultimately sign-off on lifting the suspension. But SAFEmay be more comfortable doing so after the yuan rose 1 percent against thedollar this year after falling 6.5 percent in 2016. China’s foreign exchangereserves also rose in April for a third straight month, as stringent capitalcontrols and a pause in the dollar’s rally helped staunch outflows. On Friday,SAFE said China’s cross-border capital flows were stabilising and improving.Some foreign managers such as insurance giant Allianz <ALVG.DE> and Dutchmanager Robeco have positioned for the relaxation in curbs since late lastyear.. The opening-up of the QDLP quota, though small, will also expand therange of investment options global private banks can offer their wealthyclients in China, industry officials said.
Reuters reported in 2015 BlackRockInc became the first traditional asset manager to receive the QDLP licence,joining a handful of other global funds, including Man Group Plc and Och-ZiffCapital Management Group. QDLP funds are private, meaning data is not publiclyavailable on assets or performance, but industry insiders say they have seen strongdemand as wealthy Chinese scrambled to hedge their exposure to the falling yuanby investing offshore.
A growing number of foreign financial institutions,including Aberdeen Asset Management, U.S. hedge fund Bridgewater Associates andVanguard, have recently set up stand-alone money-management firms in China asBeijing further deregulates the mainland fund industry. Previously, foreignasset managers looking to distribute investment products in China had tooperate through minority-owned joint ventures with domestic firms, but Beijinghas been gradually loosening the reins.
(Additional reporting bySam Shen in SHANGHAI; Editing by Jacqueline Wong)
（本消息译自路透社，未经证实，仅代表路透社观点）
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