On 26 July 2024, the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) released the revisedProvisions on the Administration of Funds of Foreign Institutional Investors for Domestic Securities and Futures Investment(《境外机构投资者境内证券期货投资资金管理规定》, the "Revised Provisions"), which will come into effect on 26 August 2024 and supersede the current version issued on 7 May 2020 (the "Current Provisions").

To facilitate your understanding of the implications of the Revised Provisions on the qualified foreign investors (QFIs) and QFI custodian banks, we set out below the key changes of the Revised Provisions against the Current Provisions, covering (1) SAFE registration, (2) foreign exchange risk management, (3) account management and (4) repatriation.