From Reuters:
China on Wednesday authorised two banks to invest $3.5 billion of their clients’ money overseas, bringing total approvals so far under a scheme to promote capital outflows to $8.3 billion.
The foreign exchange regulator said on its Web site that it had granted a quota of $2.0 billion to China Construction Bank Corp. and a quota of $1.5 billion to Bank of Communications. Bank of Communications is 19.9 percent-owned by global lender HSBC Holdings Plc.[Full Text]
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