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一、QDII和QFII问题的提出认可的国内机构投资者(Qualified Domestic InstitutionalInvestors,简称QDII)和认可的外国机构投资者(Qualified ForeignInstitutional Investors,简称OFII)是发展中国家逐步放松外汇管制,开放本国资本市场的一种过渡性措施。它通过中介性金融机构控制资本的流入与流出,有限度地实施资本项目下的国际资本流动。在资本流出方面,国内持有外币的投资者,包括公司和个人,可以通过认可的本地机构投资者(主要是证券公司)即ODII,委托买卖外国(境外)的股票。在资本流入方面,则是由被国内监管部门批准的外国机构投资者(主要是投资银行和基金管理公司)即QFII,到国内(境内)买卖股票。
I. QDII and QFII Issues Approved Qualified Domestic Institutional Investors (QDIIs) and Qualified Foreign Institutional Investors (OFIIs) are the means by which developing countries gradually relax their foreign exchange controls and liberalize their domestic capital markets A transitional measure It controls the inflows and outflows of capital through intermediary financial institutions and implements a limited degree of international capital flows under capital projects. In the case of capital outflows, domestic holders of foreign currency, including corporations and individuals, can be authorized to buy and sell foreign (overseas) stocks through recognized local institutional investors (mainly securities companies), namely the ODII. In terms of capital inflows, foreign institutional investors (mainly investment banks and fund management companies), QFIIs approved by domestic regulators, go to domestic (domestic) trading of stocks.