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The State Administration of Foreign Exchange (SAFE) has approved investment quotas for three QFIIs (qualified foreign institutional investor), bringing the remaining quota to be allocated for QFII trial operations on Chinese markets to less than US$500 million.

 

The SAFE will likely replenish the total quota this year, industry observers said on Thursday.

 

China ushered in a QFII system in 2003. With the approval of the State Council, the total investment quota for QFII operations increased from four billion to ten billion US dollars in September 2005.

 

The SAFE announced that three QFIIs obtained quotas of US$500 million in total. They are the first group to acquire quotas this year.

 

The three were GE Asset Management Co., UBS Global Asset Management (Singapore) Co., and the Belgium-based Fortis Bank. To date, 46 of the 52 QFIIs registered have obtained quotas.

 

GE was approved to open a foreign-exchange account and an RMB special account with the Shanghai Branch of HSBC. UBS was allowed to open a forex account and an RMB special account with the Citibank Shanghai branch, the sources said.

 

Industry observers believe a quota expansion is inevitable. They say the threshold will possibly be lowered for QFII business this year, with five billion to 10 billion US dollars to be added to the total investment quota.

 

(Xinhua News Agency January 19, 2007)