From Xinhua via People’s Daily:
China’s foreign exchange authority has granted overseas investment quotas totaling 4.8 billion U.S. dollars to three qualified domestic institutional investors (QDII).
According to the announcement from the State Administration of Foreign Exchange (SAFE), the Bank of China, the Industrial and Commercial Bank of China and the mainland subsidiary of the Bank of East Asia have been approved to buy foreign exchange worth 4.8 billion dollars on behalf of their clients for overseas investment.
The QDII scheme allows mainland institutions and residents to entrust mainland commercial banks to invest a certain amount of money in financial products overseas, and allowing insurance institutions to invest part of their assets in overseas fixed-income products and money-market products. [Full Text]
