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China grants seven QFII licences in first half
2011-07-21 09:03:14 Source: Reuters

(Reuters) - Seven foreign institutional investors, including Italian insurer Assicurazioni Generali SpA and French money manager Lyxor Asset Management, were granted licences to invest in China's capital markets in the first half of this year.

 

The China Securities Regulatory Commission (CSRC) also granted QFII licences to Spanish lender Banco Bilbao Vizcaya Argentaria, French asset manager Comgest and three Taiwanese money managers, during the January-June period, the regulator said in a statement on its website on Wednesday.

That brings the total number of Qualified Foreign Institutional Investors (QFIIs) to 113.

Overseas investors are eager to invest in China's strictly regulated capital markets through the QFII scheme, hoping to benefit from China's appreciating currency and rapid economic growth.

QFII funds, which convert hard currencies into the Chinese yuan to buy mainland stocks and bonds, posted a negative return of 3.37 percent on average during the first half, compared with a loss of 6.36 percent for domestic funds, according to Thomson Reuters Lipper.

QFII investors need to obtain investment quotas from China's foreign currency regulator before they can start buying Chinese securities.

By the end of April, 103 licensed QFII investors had been granted a combined quota of $20.7 billion to invest in China's capital markets.

The three Taiwanese institutions that have been granted QFII licences in the first half include Cathay Securities Investment Trust Co, Polaris International Securities Investment Co and Fuh Hwa Securities Investment Trust Co.

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