1/14, 8:08 AM (Source: TeleTrader)
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China lifts foreign investment quota by 100%

The State Administration of Foreign Exchange (SAFE) in Beijing said on Monday that the Qualified Foreign Institutional Investors program is being doubled to $300 billion. The scheme enables overseas funds access to China's financial markets, where they can trade in stocks denominated in the yuan, also called renminbi (RMB), in the mainland. The scheme is for A shares in China's mainland Shanghai and Shenzen stock exchanges, but also bonds.

The limit was last raised five and a half years ago, to $150 from $80 billion. It was initiated in 2002. However, the current quota isn't being used to the full. The United States has been demanding from China, as part of bilateral trade negotiations, to open up its markets more, in line with official policy.

The dollar was up just 0.06% at 8:04 am CET, selling for 6.7669 yuan, and 0.16% in the green at 6.77202 offshore yuan. The exchange rates gained 2.28% and 2.13%, respectively, in the past three months. The euro jumped 1.01% to 7.8313 yuan and 0.26% to 7.7709 offshore yuan.

Breaking the News / IT