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China QFII quota rises

2017-08-01 4 ℃

CHINA’S dollar-denominated Qualified Foreign Institutional Investors program rose to US$93.27 billion at the end of July, the forex regulator said.

A total of 284 overseas institutions have received quotas under the QFII program to move money into the country’s capital account, the State Administration of Foreign Exchange said yesterday.

As of June 29, the quota had stood at US$92.72 billion.

As of July 31, the quota in the RMB Qualified Foreign Institutional Investors (RQFII) program stood at 548.2 billion yuan (US$81.5 billion), higher than the 543.1 billion yuan recorded by June 29.

China’s currency, 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 due to concerns over abrupt capital flows in and out of the country.