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China grants US$350 mln to foreign investors

(Xinhua)
Updated: 2006-04-17 09:25

China's foreign exchange authority has awarded investment quotas totaling US$350 million to three qualified foreign institutional investors (QFII), according to the China Securities Journal.

The three QFIIs are JP Morgan Chase Bank, DBS Bank Ltd and JF Asset Management Limited.

The State Administration of Foreign Exchange (SAFE) announced it had given an additional quota of US$100 million to JP Morgan Chase Bank, raising its total to US$150 million.

The DBS Bank Ltd, Singapore's largest bank and a subsidiary of investment firm Temasek Holdings, was awarded a quota of US$100 million.

JF Asset Management Limited was given a quota of US$150 million, with at least US$100 million to be used as a JF stock fund.

Overseas investors in China are allowed to hold tradable shares only through QFIIs.

A statement from the SAFE said QFIIs had helped the reform and innovation of China's capital markets since the scheme was piloted in December 2002.

SAFE figures show 39 QFIIs have been awarded a total investment quota of US$6.32 billion.