China approves nearly $31b QFII quotas

BEIJING -- China's foreign exchange regulator said Monday that it had approved investment quotas of $30.82 billion to 157 Qualified Foreign Institutional Investors as of Sept 19.

The State Administration of Foreign Exchange approved $9.18 billion to 72 QFIIs from Jan 1 to Sept 19, according to a statement posted on the SAFE's website.

The SAFE has accelerated QFII approvals since the start of 2012 to attract more overseas funds to boost the slowing economy and accelerate the market-based reform of the country's financial system.

The SAFE will continue to improve its QFII investment program to support the reform and development of the country's capital market, according to the statement.