前一天内容的翻译来咯！

By the way，自从开了这个打卡就早睡失败orz 我要早睡！！！就从今天12点半前睡觉开始吧~

1. QFII & QDII

QFII is the abbreviation of Qualified Foreign Institutional Investors and represents China’s program in which foreign institutional investors can invest in China’s capital market on condition that they receive China’s regulators’ permission. Similarly, QDII is the abbreviation of Qualified Domestic Institutional Investors and represents China’s program in which domestic institutional investors can invest in overseas capital markets on condition that they receive permission.

It should be noted that although QFII and QDII programs act like stock connect programs as approaches to realizing cross-border investments and enhancing the degree of capital market openness, the two types of programs are different mainly in following three ways. By now, effective stock connect programs include Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.

Firstly, different direct participants. QFII and QDII programs only allow institutional investors to participate, while individual investors conduct cross-border investments by buying funds or other financial products issued by those institutional investors. On the contrary, both qualified institutions and qualified individuals can directly participate in stock connect programs and purchase stocks listed on overseas bourses from domestic ones.

Secondly, different transaction currencies. US dollars and other currencies except RMB are used in QFII and QDII programs, whereas both Chinese and foreign investors use RMB in stock connect programs. Of course, exceptions are listed in specific clauses.

Thirdly, different treatments of cross-border capital. QFII and QDII programs allow cross-border capital to stay in the local market, but stock connect programs require funds obtained through selling securities in the local market to go back to the home country.

2. ETF

The full name of ETF is Exchange Traded Funds, which can be simply comprehended as funds tracking equities indexes and traded in stock exchanges. ETF can be used as a tool of cross-border investment because investors can buy ETF tracking other countries’ stock indexes.

So far, Chinese investors can buy ETF tracking stock indexes in the US, HongKong and Germany, and ETF tracking indexes of MSCI-included China’s A shares have become available to foreign investors recently.

3. CDR

CDR stands for Chinese Depository Receipt. In short, CDRs refer to certificates that represent equities of companies listed on overseas bourses but that are traded on Chinese exchanges. That is to say, Chinese investors indirectly purchase stocks of companies listed overseas by buying CDRs in A-share market.

Through CDRs, not only Chinese companies listed on overseas exchanges can come back to A-share market, but foreign listed companies can raise funds in A-share market as well, thus realizing the connection of stock markets. Shanghai-London Stock Connect will probably be built based on the arrangement of CDR.

保不齐有错误，但为了睡觉，先酱吧XD