中国已收紧一项跨境投资机制，以限制全球资产管理公司为内地投资者配置资金的地域集中度。此次调整涉及2015年启动、规模约860亿美元的基金互认（MRF）计划，主要针对新发行基金。监管要求基金组合需在资产类别和地域上更加分散，并通过口头指引明确，除香港外，单一国家配置比例不得超过50，同时对高收益证券设限。这些规定此前并不存在，显示监管层在需求激增后开始加强风险控制。

此次收紧与2025年1月的政策放松形成对比。彼时，MRF将内地销售上限从50%提高至80%，迅速引发资金涌入。当月内地投资者向香港基金净流入创纪录的964亿元人民币，推动以债券为主的产品热销。部分管理人因需求过旺暂停认购，例如摩根资产管理当月关闭了两只债券基金。研究显示，香港互认基金目前管理规模超过2500亿元人民币，其中约60%为固定收益策略。

监管变化可能抑制海外资产管理机构通过MRF推出新产品的节奏。许多全球债券和多资产策略因对美国市场配置比例较高而不再符合新标准，而债券基金此前正是吸引内地投资者的核心品类。分析人士指出，需求激增与人民币贬值压力、国内无风险利率偏低密切相关。现有产品不受新规影响，但80%的销售上限意味着，新基金的推出速度将取决于其在香港市场的消化能力。

China has tightened a cross-border investment scheme to limit how global asset managers allocate funds for mainland clients, curbing geographic concentration. The move targets the Mutual Recognition of Funds program launched in 2015, which has a size of about $86 billion, and applies only to new funds. Regulators now require greater diversification across asset classes and regions, with verbal guidance setting a 50% cap on exposure to any single country except Hong Kong, alongside limits on high-yield securities, restrictions that did not previously exist.

The tightening contrasts with the January 2025 easing, when the mainland sales cap was raised to 80% from 50%, triggering a surge in demand. Mainland investors poured a record 96.4 billion yuan into Hong Kong funds that month, boosting bond-heavy strategies. Some managers suspended subscriptions due to overwhelming inflows, and research shows Hong Kong MRF funds now manage over 250 billion yuan, with roughly 60% allocated to fixed income.

The new rules may slow the launch of offshore products via the scheme. Many global bond and multi-asset funds with heavy US exposure no longer qualify, even though such strategies had been most popular with mainland investors. Analysts link the demand surge to yuan depreciation pressure and low domestic risk-free rates. Existing funds are unaffected, but the 80% sales cap means the pace of new launches depends on how quickly managers can distribute remaining quotas in Hong Kong.