BEIJING, July 12 (Xinhua) -- The China Securities Regulatory Commission (CSRC) announced Friday that the investment quota of Qualified Foreign Institutional Investors (QFII) has been raised to 150 billion U.S. dollars.
The People's Bank of China, the State Administration of Foreign Exchange (SAFE) and the CSRC all agreed that the trial of RMB Qualified Foreign Institutional Investors will expand to Singapore, London and other places after Hong Kong.
The rise of the QFII investment quota will attract more foreign investors and promote the reform and development of China's capital market,said the CSRC.
Latest statistics from the SAFE showed that it has newly granted 6.02 billion U.S. dollars of QFII quotas to 22 foreign institutional investors so far this year, bringing the total QFII quota up to 43.46 billion U.S. dollars with 229 overseas institutions granted licenses.
All overseas investment funds will be approved under the scheme of the QFII, which was launched in 2002 by the Chinese government to allow licensed foreign investors to buy and sell A-shares when capital accounts are still controlled in the country.
According to the QFII scheme, the CSRC grants QFII licenses and market access to foreign investors, while the SAFE approves quotas for individual QFII funds.
QFII operations over the past 10 years have played an active role in facilitating the opening-up of China's capital market and improving China's institutional framework and investment concept, according to the CSRC.