Others News
- ABC gets nod to take part in QDII
Date: 10-Jan-2007 Sources: (Shenzhen Daily)
THE Agricultural Bank of China (ABC), the weakest of the 'Big Four?State lenders, has received the banking regulator's approval to invest its clients' money overseas, State media reported yesterday.
The China Securities Journal quoted an unnamed ABC official as saying that the bank, which is widely expected to receive a capital injection from the government some time this year, will apply for a Qualified Domestic Institutional Investor (QDII) quota from the foreign exchange regulator.
More than a dozen domestic and foreign financial institutions can now invest a total of more than US$13 billion overseas under QDII, which was launched last year as a way of encouraging capital outflows and relieving some of the upward pressure on the yuan.
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