Citigroup and HSBC have won approval to sell local mutual funds within China, a breakthrough for foreign banks largely locked out of the domestic retail investment market.

花旗集团(Citigroup)和汇丰(HSBC)已获准在中国境内销售本地基金，这对于基本上被挡在中国国内零售投资市场以外的外资银行而言是一项突破。

Both banks will now be able to offer fund products designed by local fund managers to retail, corporate and institutional clients.

这两家银行现在将能够向零售、公司和机构客户提供由当地基金经理设计的基金产品。

It is a small step in opening Chinese financial markets to foreign groups but one that both Citi and HSBC described as important to furthering their ambitions in China. Global banks have struggled to make headway in the Chinese market and hold less than 2 per cent of the industry’s assets.

这是向外国机构开放中国金融市场的一小步，但花旗和汇丰都表示，这是推进它们在中国的雄心的重要一步。跨国银行一直难以在中国金融市场取得进展，目前它们管理的资产在业内尚不到2%。

The opening gives the banks a foothold in China’s rapidly growing mutual fund market.

这一开放使两家银行在中国快速增长的基金市场有了立足点。

Assets under management in the industry increased more than 30 per cent last year and reached nearly Rmb4tn ($650bn) at the end of May.

去年，中国基金业管理的资产规模增长逾30%，截止5月底已达到近4万亿元人民币（合6500亿美元）。

Regulators have encouraged institutional investors to play a bigger role in the country’s unruly capital markets, boding well for the future development of mutual funds in China.

监管机构一直鼓励机构投资者在中国难以驾驭的资本市场发挥更大作用，这对于中国基金未来的发展是个好兆头。

Simon Chow, head of consumer banking at Citi China, described it as a “significant development” in renminbi-denominated wealth management business.

花旗中国消费者银行业务总裁周永赞(Simon Chow)认为，这是以人民币计价的财富管理业务的一项“重大进展”。

According to the local securities regulator, other foreign banks including Standard Chartered and Bank of East Asia have also applied for a licence to sell local mutual funds.

据中国证券监管机构称，包括渣打银行(Standard Chartered)和东亚银行(Bank of East Asia)在内的其他外资银行也已申请获得销售国内基金的牌照。

Previously, foreign banks had been restricted to selling overseas funds or domestic wealth products that they had been involved in creating.

此前，外资银行被局限于销售海外基金或它们参与设计的国内理财产品。