Investment Updates News
- Banks granted QDII quotas of US$13.4b
Date: 26-Feb-2007 Sources: (Shenzhen Daily)
THE State Administration of Foreign Exchange (SAFE) granted 15 banks overseas investment quotas totaling US$13.4 billion last year, Xinhua said Friday.
Xinhua reported the 15 banks, all with qualified domestic institutional investor (QDII) status, included major domestic commercial and foreign-funded banks, such as Citibank and the Bank of East Asia.
They were approved last year to transform their branches into locally incorporated banks registered on the mainland.
Meanwhile, 15 insurance companies were granted overseas investment quotas of US$5.17 billion and one fund management company was given a quota of US$500 million, Xinhua said.
The government started the QDII program in July 2006, allowing QDIIs to raise yuan funds from domestic individuals and institutions and convert them into foreign currency for overseas investment.
The government has also eased control on foreign exchange purchases by individuals. It put an annual quota on foreign exchange purchases by individuals in May 2006, rather than limiting the size of each purchase.
The annual quota for individuals was raised from US$20,000 to US$50,000Feb. 1 this year.
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