China QFII quota rises to 96.79 bln USD

BY  | FROM  | 2017-12-01 12:32

China's dollar-denominated Qualified Foreign Institutional Investors (QFII) program saw its total quota rise to 96.79 billion U.S. dollars as of Nov. 29, the forex regulator said Thursday.

The amount was up from 94.49 billion dollars at the end of October, according to data from the State Administration of Foreign Exchange (SAFE).

Altogether 287 overseas institutions have received quotas under the QFII program to move money into the country's capital account.

The total quota under the RMB Qualified Foreign Institutional Investors (RQFII) program stood at 604.86 billion yuan (about 91.5 billion dollars) as of Nov. 29, higher than the 590.36 billion yuan recorded by the end of October.

China's currency, the yuan, is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is still largely controlled by the state due to concerns over abrupt capital flows in and out of the country.

To gradually open the capital account, the government introduced the QFII and RQFII programs in 2003 and 2011, respectively.

The QFII scheme represents the country's effort to allow licensed foreign investors to invest in its capital market. The RQFII program allows institutional investors with offshore renminbi deposits to invest in its onshore market.

    Related News

      Financial Times

    • Fed fears market misreading of guidance
    • The US Federal Reserve is keen to revamp its forward guidance about future interest rates but terrified of a market misunderstanding, according to the minutes of its September meeting

      Reuters

    • Asian shares rebound after Fed renews dovish credentials
    • Asian shares bounced back and the dollar fell on Thursday after minutes of the U.S. Federal Reserve's latest policy meeting showed policymakers have some concerns about downside risks to the global economy and the dol...

      USA TODAY

    • Nigeria succeeds at containing Ebola
    • People here are shaking hands again, kissing, hugging, touching. These days, shops are open, people are working, and children are finally going back to 
      school
    Chinese Dictionary: