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China grants RMB 7 bln RQFII quota

Aug. 9, 2012 (China Knowledge) - China's State Administration of Foreign Exchange (SAFE) on Jul. 27 approved RMB 7 billion of investment quota to two Renminbi Qualified Foreign Institutional Investors (RQFII), sources reported.

CSOP Asset Management Ltd got RMB 5 billion of investment quota and E Fund Management (Hong Kong) Ltd won RMB 2 billion of quota.

As of Jul. 27, the foreign exchange regulator had approved RMB 32 billion of RQFII quota, comprising RMB 22 billion to fund management firms and RMB 10 billion to securities companies.

The RQFII program, launched late last year, allows overseas RMB to be invested in the domestic capital market.

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