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China grants RMB 5 bln RQFII quota

Sep. 17, 2012 (China Knowledge) - China's State Administration of Foreign Exchange (SAFE) approved RMB 5 billion of investment quota to two Renminbi Qualified Foreign Institutional Investors (RQFII) in August.

Harvest Global Investments Ltd got RMB 2 billion of investment quota and E Fund Management (Hong Kong) Ltd won RMB 3 billion of quota.

As of Aug 31, 2012, the foreign exchange regulator had approved RMB 37 billion of RQFII quota, comprising RMB 27 billion to fund management firms and RMB 10 billion to securities companies.

Under the RQFII program, qualified foreign investors are allowed to raise funds in RMB from the Hong Kong market to invest in China’s domestic securities market.

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