BEIJING/SHANGHAI, Dec 20 (Reuters) - Shanghai has started vetting licence applications for an outbound investment scheme allowing subsidiaries of global asset managers to raise funds for overseas investment, China’s foreign exchange regulator said on Wednesday.
The city plans to grant institutions licences within the existing quota of the Qualified Domestic Limited Partnership (QDLP) scheme, the State Administration of Foreign Exchange said in a response to Reuters’ questions.
On Tuesday, Reuters reported that Shanghai planned to revive the scheme this week. No QDLP quotas have been issued since an unofficial suspension late in 2015, when China tightened capital controls amid turmoil in its stock and currency markets. (Reporting by Elias Glenn and Samuel Shen; Writing by Brenda Goh; Editing by Clarence Fernandez)