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China grants RMB 9 bln RQFII quota

Nov. 14, 2012 (China Knowledge) - China's State Administration of Foreign Exchange (SAFE) approved RMB 9 billion of investment quota to three Renminbi Qualified Foreign Institutional Investors (RQFII) in October.

CSOP Asset Management Ltd, Harvest Global Investments Ltd and China Asset Management (Hong Kong) Ltd won RMB 3 billion of quota, respectively.

As of Oct 31, 2012, the foreign exchange regulator had approved RMB 48 billion of RQFII quota, comprising RMB 38 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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