China approves $41b in RQFII quotas

BEIJING - Eighty-four overseas institutions have been approved as RMB Qualified Foreign Institutional Investors (RQFII) between 2011 and June of this year, China's securities regulator said Friday.

China have granted a combined 250 billion yuan ($40.61 billion) in RQFII quotas to these institutions, the regulator revealed.

The 84 financial institutions are from Hong Kong Special Administrative Region, London, Singapore, France, the Republic of Korea (ROK) and Germany, Zhang Xiaojun, a spokesman of the China Securities Regulatory Commission, said at a regular press conference.

Financial institutions from the ROK and Germany are allowed to conduct RQFII business in accordance with relevant laws and regulations starting Friday, said Zhang.

China granted 80 billion yuan each in investment quotas to the ROK and Germany earlier this month under the RQFII program. Launched in 2011, the RQFII is aimed at widening investment channels for overseas yuan-denominated funds on the Chinese mainland's capital market.

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