New Delhi, Oct. 4 -- Chinese savers who want a piece of Nvidia stock no longer necessarily need an offshore brokerage account. Increasingly, they can buy it through a fund approved by Beijing.

That distinction is becoming important as China's households search for somewhere to put the cash they accumulated during the property bust. Deposit rates at the country's biggest banks have fallen below 1% for a one-year term, while authorities are simultaneously cracking down on unlicensed routes used by mainland investors to trade overseas.

The result is an unusual compromise: Beijing is tightening enforcement around offshore trading in some places while widening regulated channels that give Chinese investors exposure to U.S. stocks, Treasuries...