Barclays Bank gets US$75m QFII quota
(Shenzhen Daily/gencies)
Updated: 2004-10-27 13:41

The British bank had been given the quota under a landmark qualified foreign institutional investor (QFII) scheme, the State Administration of Foreign Exchange said in a statement on its Web site.

That brings to 20 the number of institutions known to have won quotas to invest up to US$2.925 billion, collectively.

QFII offers foreign investors the option of riding Chinese corporate growth by buying directly into a wider swath of mainland-listed companies.

Before QFII, foreign investors had been confined to the tiny hard-currency B-share markets and barred from the main, yuan-denominated A-share markets and their over 1,300 companies.

France's Societe Generale, UBS AG, Citigroup and Nikko Asset Management, a unit of Japan's Nikko Cordial Corp., are among other foreign institutions to have also won investment quotas.

Seven other institutions still await investment quotas to be able to trade on China's US$500 billion stock markets.

Power Corp. of Canada and France's Calyon Corporate and Investment Bank, a unit of Credit Agricole, were the latest to win approval to invest, though have yet to win quotas.

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