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QFIIs Lose Money on China Stock Market in February
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Qualified foreign institutional investors (QFII) saw their investments in the China's mainland A-share market shrink by an average of 1.63 percent in February, according to an industry report.

 

Four funds of the leading seven QFII lost money on the renminbi-denominated A-share market last month, according to the report released by the fund rating agency Lipper on Wednesday.

 

The Rixing AM fund, the top fund in January, was the worst-hit, losing more than six percent last month, mirroring the volatility of the market, said the report.

 

The Shanghai index tumbled nearly nine percent on February 27 in its biggest single-day decline in 10 years, sparking a global rout which lasted for several days and left investors nervous at the prospect of being hit by further losses.

 

In recent days, however, the markets have steadied, with the Shanghai index rising for four consecutive days last week.

 

The poor performance by the overseas investors was in remarkable contrast to the health of the Chinese mainland's equity and mixed funds whose average yields stood at 3.7 and 2.2 percent in the same month, the report said.

 

Analysts believe the performance disparity was largely down to the difference between the strategies of the Chinese mainland and foreign investors - the former showed a prompt response to the short-term fluctuations while the latter preferred long-term investment.

 

China started the QFII scheme in 2003 to allow foreign institutional investors such as UBS and Deutsche Bank to engage in the securities business on the Chinese mainland.

 

China's foreign exchange authority is planning to add US$10 billion to the QFII investment quotas.

 

The total asset value owned by the QFIIs have amounted to US$5.17 billion by the end of last month, said the report.

 

(Xinhua News Agency March 16, 2007)

 

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