Two more foreign banks gain access to China's stock market
( 2003-06-09 10:42) (8)
Morgan Stanley Co. International Limited and Citigroup Global Transaction Services of the United States became the first foreign investors to be granted the Qualified Foreign Institutional Investors (QFII) status in the Chinese stock market, authorities said Sunday. The China Securities Regulatory Commission Sunday announced that Morgan Stanley and Citigroup had been granted authorization to invest in China's stock market. The commission said that it is evaluating applications of other foreign institutions for the QFII status. Morgan Stanley Co. International Limited and Citigroup Global Transaction Services still have to have their applications for maximum amount of investment approved by China's State Administration of Foreign Exchange (SAFE) before they can invest in the Chinese stock market. According to China's regulations, foreign investors should apply to the SAFE for their maximum amount of investment before entering the Chinese stock markets. The SAFE will then make a decision on the application within 15 business days. Prior to Morgan Stanley and Citigroup, Swiss UBS Limited and Japan's leading Nomura Securities Co. Limited were granted the QFII status by the SAFE on Friday, for respective maximum investments of US$300 million and US$50 million.
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