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China granted US$9.02 billion of fresh quota for foreign investments to 21 fund managers, banks and securities firms, the third in three months under the Qualified Domestic Institutional Investors (QDII) programme.
A total $8.15 billion of quota was granted to 14 fund managers, including China Southern Asset Management and Harvest Fund Management, and $870 million to seven banks and securities firms, including Citibank (China) and Hang Seng Bank (China).
They were awarded by the State Administration of Foreign Exchange (SAFE), the supervisor of China’s foreign reserves, which made the announcement in a statement dated January 13 published on its website.
The QDII programme allows domestic institutions and fund managers to invest in offshore assets within allowable quotas.