Insurers get go-ahead to invest in HK

More insurers have been approved to invest overseas in a move that is expected to curb excess liquidity and reduce foreign exchange reserve pressure.

Twenty insurance companies have been granted qualified domestic institutional investor (QDII) licenses, the China Insurance Regulatory Commission (CIRC) said on Friday.

"The insurers will be allowed to use purchased foreign currencies to invest in stocks on the Hong Kong stock exchange," said Yuan Li, assistant chairman of the CIRC.