QFII quotas hit monthly record with US$2.75b October grants

CHINA granted US$2.75 billion in quotas - a single-month record - to foreign investors in October and another 9 billion yuan (US$1.4 billion) quota to offshore yuan investors.

Seven overseas financial institutions received new or additional quotas last month to invest on the Chinese mainland's stock and bond markets under the Qualified Foreign Institutional Investor program, the State Administration of Foreign Exchange said in a statement yesterday.

The US$2.75 billion quota was the largest monthly reward since the program was launched in 2003 and was nearly the total given during the third quarter of this year.

Nearly half of the October quota was given to the Government of Singapore Investment Corp and Temasek Fullerton Alpha Investments, highlighting China's recent push to boost investment from sovereign wealth funds.

Separately, authorities granted 9 billion yuan in October for Hong Kong-based institutions to use the yuan they raised offshore to buy mainland securities under the Renminbi Qualified Foreign Institutional Investor program, the forex administrator said.

That compared with 2 billion yuan in September and the 5 billion yuan quota given in August.

We recommend: A Decade of Fastest Development Eastern Boom Lightens Western Gloom Oct. data released, inflation slows Gold collection issued to mark 'Year of Snake' China: A Fast-growing Force in IPR 13th Int'l Automobile Industry Exhibition China Int'l Industry Fair opens in Shanghai Caofeidian coal wharf put into use Canton Fair wraps up on Sunday