A number of reforms to happen in China by end-2015

In terms of structural reforms, the pace of reforms so far has been below market expectations compared with the agenda listed in the Blueprint in late 2013. The most significant move since the previous EMQ would be the change of CNY fixing by the PBoC.

Other than that, domestic reforms have proceeded slowly since Q2, including interest rate liberalisation, an SOE reform plan on improving competitiveness with an exit strategy, and allowing privately-run banks and financing corporations.

"As China attempts to facilitate the SDR inclusion of RMB, liberalisation of the capital account is expected to continue in Q4", says Barclays. 

These include, 
 

• Allowing qualified individual investors to conduct cross-border portfolio investment (QDII2)
   
• Rolling out the Shenzhen-HK Stock Connect 
   
• Launching the new RMB clearing platform (CIPS), which aims to unify RMB clearance internationally by creating a bigger and more diverse network of clearing banks and reducing clearing costs.