封关日期明确！海南自贸港跨境资管生态“以人民币计价结算”

Core Viewpoint - The establishment of the cross-border asset management pilot program in Hainan Free Trade Port, effective from August 21, 2025, is a significant step towards financial openness in China, with a focus on facilitating foreign investment through RMB-denominated transactions [1][2][4]. Summary by Relevant Sections Implementation Timeline - The Hainan Free Trade Port will officially start operations on December 18, 2025, as approved by the central government [1]. Regulatory Framework - The "Implementation Rules for Cross-Border Asset Management Pilot Business" were jointly formulated by several regulatory bodies and will take effect on August 21, 2025 [1][2]. Global Investor Access - The rules allow global investors to use funds from both domestic and international sources to purchase pilot asset management products, removing the need for bilateral agreements [2][3]. Individual Investor Inclusion - Foreign individual investors can directly participate by providing proof of residence or employment in Hainan for at least one year, along with evidence of RMB income from within China [2][3]. RMB Settlement and Management - All transactions for pilot asset management products must be conducted in RMB, creating a closed-loop management system that supports the internationalization of the RMB [3][4]. Investment Focus - Funds raised through pilot asset management products must be directed towards the domestic market, ensuring that the underlying assets are RMB-denominated [3][5]. Product Diversity - The pilot program will cover a range of risk levels (R1 to R4), providing various investment options from low-risk money market funds to higher-risk private equity [3][5]. Initial Scale and Future Adjustments - The initial total scale limit for the pilot program is set at 10 billion RMB, with provisions for dynamic adjustments based on market conditions and financial developments [5].