QFII lets in 4 more overseas institutions
Print Edition
CHINA has allowed four more overseas institutions to move money into the country’s capital account to speed up the yuan’s convertibility.
The four institutions, including the Brunei Investment Agency, were added to the list under the Qualified Foreign Institutional Investors program, bringing the total number to 285, data from the China Securities Regulatory Commission showed yesterday.
The yuan is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is still largely controlled by the state over concerns of abrupt capital flows in and out of the country.
To gradually open the capital account, the government unveiled the QFII in 2003 and RQFII (Renminbi Qualified Foreign Institutional Investors) in 2011. They give overseas investors the right to move quotas into the account to encourage controllable flows.
As of May 29, overseas institutions received QFII quotas amounting to US$74.47 billion. The volume under the RQFII scheme totaled 382.7 billion yuan (US$61.7 billion).
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