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China allowed more international investors to buy bonds on the nation’s largest debt market and purchase higher-yielding notes for the first time, as the world’s second-biggest economy develops its capital markets.

Participants in the Qualified Foreign Institutional Investor program are now allowed to buy bonds on the interbank market, the China Securities Regulatory Commission said in a July 27 statement on its website. Previously, they were restricted to exchange-listed debt, which is less than 2 percent of the interbank equivalent.

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