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China grants US$1.2 bln QFII quota to 6 firms

Jul. 30, 2012 (China Knowledge) - China granted US$1.2 billion of investment quotas to seven Qualified Foreign Institutional Investors, or QFII, on Jul. 17, said China's State Administration of Foreign Exchange (SAFE) yesterday.

The regulator granted US$700 million of new quota to the Hong Kong Monetary Authority.

In addition, five other institutions each got US$100 million of quota: Templeton Investment Counsel, L.L.C, Korea Investment Trust Management Co, Ltd, Manulife Asset Management (Hong Kong) Ltd, Van Eck Associates Corp and William Blair & Company, L.L.C.

The SAFE had granted US$28.53 billion of quota to 149 firms as of Jul. 17, 2012 to invest in China.

The QFII program, launched in 2003, is the only method through which foreign investors can trade China's domestically listed RMB-denominated A shares.

After obtaining approval from the CSRC, a QFII must wait for the SAFE to approve an investment quota before making securities investments in China.

The China Securities Regulatory Commission on Friday released a revised QFII regulation that lowers the QFII threshold and allows QFIIs to invest in the nation's capital market through more than one securities dealer.

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