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China Grants QFII License To 2 More Foreign Institutions
SHANGHAI -(Dow Jones)- China's securities regulator approved Sumitomo Mitsui Asset Management Co. and UBS Global Asset Management (Singapore) Co. to invest in China's yuan-denominated securities listed on the exchange.
The China Securities Regulatory Commission disclosed the information on its Web site Friday.
The program to invest in yuan securities called Qualified Foreign Institutional Investor program, or QFII, was launched in the middle of 2003 to introduce foreign funds into China's underdeveloped domestic capital market as part of efforts to liberalize its capital account.
-Sun Yan contributed to this story; Dow Jones Newswires; 8621 6120-1200; yan.sun@dowjones.com
dacare This entry was posted on October 3rd, 2006 at 12:34:47 am by dacare and is filed under Banking & Financial Services.