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China's State Administration of Foreign Exchange has granted new investment quotas totaling US$400 million, bringing the total quotas for qualified foreign institutional investors (QFII) to nearly US$8.65 billion.

 

Nomura Securities of Japan was awarded a quota of US$300 million while the Singapore-based United Overseas Bank and the US-based Standford University each received a US$50 million quota.

 

Since 2003, 43 of the 52 QFII have received quotas to invest in the Renminbi securities business on the Chinese mainland.

 

Goldman Sachs, Morgan Stanley Investment Management and Prudential Asset Management were among the first QFIIs to establish foreign currency investment accounts.

 

The administration also granted an investment quota of US$500 million to the China Minsheng Banking Corporation, bringing the total quota awarded to 15 banks with the qualified domestic institutional investor (QDII) license to US$13.1 billion.

 

Another 11 insurers with DQII status had an aggregated investment quota of US$3.5 billion by the end of September.

 

The QDII license was launched last year to allow domestic banks and insurers to engage in overseas securities business.

 

(Xinhua News Agency November 16, 2006)