China approves $750 mln QFII quotas in Q4
SHANGHAI, March 30 (Reuters) - China granted $750 million in new quotas during the fourth quarter of 2010 for foreign asset managers to invest in its capital markets, official data from the foreign exchange regulator showed.
The new quotas, under the "Qualified Foreign Institutional Investor" (QFII) scheme, bring the total amount of foreign funds that can be invested in China's stock and bond markets through the scheme to $19.72 billion.
Under QFII, approved institutions may invest in Chinese capital markets within quotas set by the State Administration of Foreign Exchange (SAFE), the foreign exchange regulator.
Two Chinese institutions were also given $400 million in quotas during the fourth quarter to invest overseas through a mirror programme, dubbed the Qualified Domestic Institutional Investor (QDII) scheme.
Guotai Junan Securities and Orient Securities each obtained a QDII quota of $200 million in the fourth quarter, bringing the total amount of quotas under that scheme to $68.36 billion as of the end of 2010.
Some fund managers have predicted that the number of QDII funds could double this year to more than 60, even as asset managers struggle to attract retail interest towards QDII products. [ID:nL3E7ES0BW]
Company New QFII quota OFI Asset Management $150 mln Aberdeen $200 mln BNY Mellon $150 mln Fidelity (Hong Kong) $150 mln Daiwa Securities* $100 mln Company New QDII quota Guotai Junan Securities $200 mln Orient Securities $200 mln
* Additional quota, bringing Daiwa's total to $200 million
Full list of QFII quotas (in Chinese):
Full list of QDII quotas (in Chinese):
here (Reporting by Soo Ai Peng; Editing by Jason Subler and Ken Wills)
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