China revised rules for the Qualified Foreign Institutional Investor, or QFII, system and the renminbi-denominated RQFII system on Friday, aimed at steadily expanding opening-up of the financial sector and the capital account.

The People's Bank of China, the country's central bank, and the State Administration of Foreign Exchange jointly announced the revised rules on Friday, which will come into effect on August 26.

Key revisions include simplifying business registration procedures, consolidating some accounts to reduce the number of required accounts for investors, enhancing the management of cross-border fund flows and aligning the foreign exchange risk management framework for the QFII/RQFII scheme with the direct entry into the interbank bond market.