Swiss private bank Lombard Odier says PBOC has ordered suspension of funds that channel domestic savings abroad

Geneva’s oldest private bank Lombard Odier’s expansion plan into China has been hit by the People’s Bank of China’s suspension for new offshore product sales, according to the bank’s Asia management. The Swiss bank’s comments is the first confirmation for the widely circulated rumour of a suspension for the Renminbi Qualified Domestic Institutional Investment (RQDII)…