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China grants RMB 10.7 bln quota to 10 RMB RQFIIs

Jan. 3, 2012 (China Knowledge) - China's State Administration of Foreign Exchange said that it has approved RMB 10.7 billion of investment quota to 10 Renminbi Qualified Foreign Institutional Investors (RQFII).

China Asset Management (Hong Kong) Ltd won RMB 1.2 billion of RMB QFIII quota. Shenyin Wanguo (HK) Ltd and Essence International Financial Holdings Ltd each has gotten RMB 900 million.

In addition, the foreign exchange regulator approved RMB 1.1 billion of quota each to seven institutions, namely, CSOP Asset Management Ltd, Harvest Global Investments, A Cheng International Asset Management Co, China Universal Asset Management, HFT Investment Management (HK) Ltd, Bosera Asset Management Co and Hua An Fund Management Co.

Hong Kong's securities regulator last Friday approved the launch of the first RMB QFII products, and these are expected to sell to investors soon, the Shanghai Securities News reported.

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