As expected, the New Rules will unify the existing capital management rules applicable to QFIIs and RQFIIs, namely the Measures on the Foreign Exchange Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors (《合格境外机构投资者境内证券投资外汇管理规定》) and the Circular on the Management of Domestic Securities Investment by RMB Qualified Foreign Institutional Investors (《关于人民币合格境外机构投资者境内证券投资管理有关问题的通知》) (collectively, the “Existing Rules”). The New Rules will take effect and supersede the Existing Rules from 6 June 2020.