The promulgation and implementation of the Pilot Measures on Domestic Securities Investment by RMB Qualified Foreign Institutional Investors for Fund Management Companies and Securities Companies and its supporting regulations in December 2011 have provided detailed guidelines for carrying out the RQFII Pilot Program1. The RQFII Pilot Program has been in effect for over one year. Throughout the past year, the RQFII Pilot Program greatly improved the liquidity of offshore RMB products in Hong Kong. At the same time, some adjustments were made to the scale and investment scope of the program based on the current market's reaction as well as the investors' requirements in order to further RMB internationalization.