China’s Safe grants US$775 million in QFII quotas in November

04 December 2013   Category: News, Asia, Global, Hong Kong, Korea, United Kingdom, Canada   By Hui Ching-hoo

China’s State Administration of Foreign Exchange (Safe) granted a total of US$775 million in qualified foreign institutional investor (QFII) quotas to four foreign institutions in November, taking total approved QFII quotas to $49.2 billion as of November 30.

Among which, Mayo Clinic was awarded a quota of $75 million. Safe also dished out additional quotas of $300 million to both Korea’s National Pension Service and Caisse de dépôt et placement du Québec in Canada. Meanwhile, City of London Investment Management Company renewed its $100 million quota.

Having failed to draw down quotas within a time limit, Safe took back $17 million and $20 million quotas from Sumitomo Mitsui Banking Corporation and Stanford University respectively.

Over the same period, Safe granted 800 million RMB ($127 million) and 500 million RMB in qualified foreign institutional investor (RQFII) quotas to PineBridge Investments Hong Kong and SinoPac Asset Management (Asia), respectively. Existing RQFII institution Changjiang Securities Holdings (HK) was awarded an additional 200 million RMB quota, while CSOP Asset Management received a new quota of 3.5 billion RMB. 

Up to the end of November, the Safe had approved a total of 144.6 billion RMB in RQFII quotas to 50 financial entities.