China issued 13.4 bln usd of investment quotas to 15 banks in 2006 - state media |
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Published
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Fri, 23 Feb 2007 11:23
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BEIJING (XFN-ASIA) - China's State Administration of Foreign Exchange (SAFE) granted 15 banks overseas investment quotas totaling 13.4 bln usd last year, the official Xinhua news agency said.Xinhua reported the 15 banks, all with qualified domestic institutional investor (QDII) status, included major Chinese commercial and foreign-funded banks, such as Citibank and the Bank of East Asia.They were were approved last year to transform their Chinese branches into locally incorporated banks registered in mainland China.The report said 15 insurance companies were granted overseas investment quotas of 5.17 bln usd and one fund management company was given a quota of 500 mln usd.China started the QDII program in July 2006, allowing QDIIs to raise renminbi funds from domestic individuals and institutions and convert them into foreign currency for overseas investment.afp
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China QFII end-2006 A-share holdings 97.1 bln yuan - report 