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China grants US$1.2-bln QDII quota

Apr. 24, 2012 (China Knowledge) - China's State Administration of Foreign Exchange announced today that it granted an overseas investment quota of US$1.2 billion to two companies under the Qualified Domestic Institutional Investor (QDII) program.

The foreign exchange regulator in a statement published on its website that it granted US$700-million QDII quota to GF Securities Co Ltd<000776> and US$500-million quota to New China Life Insurance Co<601336><1336> on Apr. 10.

As of Apr. 16, the SAFE had granted US$76.45 billion of QDII quota to 98 institutions.

The QDII scheme, launched in 2006, allows domestic institutions to invest in foreign capital markets on behalf of clients.

Meanwhile, the foreign exchange regulator granted US$700 million of investment quota under the Qualified Foreign Institutional Investors scheme (QFII) to five foreign institutions.

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