Safe dishes out US$1.45 billion worth of QFII quotas in March

02 April 2014   Category: News, Asia, China, Global, Hong Kong   By Hui Ching-hoo

China’s State Administration of Foreign Exchange (Safe) announced on March 31 that it had distributed US$1.45 billion worth of Qualified Foreign Institutional Investor (QFII) quotas amongst six foreign financial entities in March.   

New QFII participants European Reinsurance Company of Zurich, the Monetary Authority of Macao, and Hua Nan Investment Trust Corporation were awarded $100 million, $500 million, and $50 million, respectively.

Existing QFII player, the Government of Singapore Investment Corporation (GIC), received an additional quota of $500 million. Mega International Investment Trust Co and Macquarie Bank renewed quotas for $100 million and $200 million, respectively.

Meanwhile, Safe took back a quota worth $190 million from ING Bank as it had not drawn down on its quota within a stipulated period of time.

Up to the end of March, Safe had granted a total of $53.58 billion in QFII quotas to 241 financial institutions.

Separately, Safe approved 18.9 billion RMB (US$3.1 billion) worth of RMB Qualified Foreign Institutional Investor (RQFII) quotas to 17 financial entities in March, which took the combined total of RQFII quotas Safe had granted to 200.5 billion RMB.

Of this, newcomers UBS Global Asset Management (HK), Greenwoods Asset Management Hong Kong, and Fortune SG Asset Management (HK) each received quotas of 1 billion RMB.    

Existing RQFII participants Harvest Global Investments, Fullgoal Asset Management (HK), Huatai Financial Holdings (HK), Haitong International Holdings, China Merchants Securities International, and Taikang Asset Management (HK) also received 1 billion RMB. E Fund Management (HK) and Bosera Asset Management (International) were each granted 2 billion RMB worth of quota.  

ICBC (Asia) Investment Management and China Life Franklin Asset Management received 1.5 billion each, while Guoyuan Securities (HK), Guotai Junan Financial Holdings, and UBS SDIC Asset Management (HK) were granted 800 million RMB each. Taiping Asset Management (HK) was awarded a quota of 500 million RMB.