BIZCHINA / News
China grants US$13.4b QDII quotas to 15 banks in 2006
(Xinhua)
Updated: 2007-02-25 09:37
China's State Administration of Foreign Exchange (SAFE) granted 15 banks
overseas investment quotas totaling US$13.4 billion last year.
The 15 banks, all with the qualified domestic institutional investor
(QDII) status, include major Chinese commercial and foreign-funded banks,
such as Citibank and the Bank of East Asia, which were approved last year
to transform their Chinese 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.
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.
China 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.
Purchases soared 220 percent year on year during the last seven months of
the year.
The annual quota for individuals was raised from US$20,000 to US$50,000
on February 1 this year.
(For more biz stories, please visit Industry Updates)
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