Development
By the end of April 2011, 103 licenced QFII investors had been granted a combined quota of $20.7 billion to invest in China's capital markets under the QFII program. Foreign access to China's yuan-denominated "A" stocks are still limited, with quotas placed under the QFII program amounting to US$30 billion.
In April, 2012, the Qualified Foreign investment quota was increased from US$30 billion to US$80 billion. Before the increase, the overall value of approved QFII and RQFII (offshore Renminbi QFII) funds was only 0.8% of total market capitalization and only US$25 billion of the US$30 billion quota was used. While aspects of the increased quota seem likely to take business from Hong Kong, a pilot program in Wenzhou for domestic investors to invest abroad was considered a possible offset for the financial center. The QFII expansion was also followed quickly by the "approval of new ETF products that will be denominated in offshore yuan (CNH) but will trade on the Hong Kong Stock Exchange".
China granted $910 million worth of investment quotas to 11 foreign institutional investors in March 2013 The quotas, under the Qualified Foreign Institutional Investor (QFII) scheme, were awarded to overseas institutions including Generali Fund Management S.A, IDG Capital Management (HK) Ltd and Cutwater Investor Services Corp. y the end of March 2013, China had awarded a combined $41.745 billion of QFII quotas to 197 foreign institutions.
Read more about this topic: Qualified Foreign Institutional Investor
Famous quotes containing the word development:
“They [women] can use their abilities to support each other, even as they develop more effective and appropriate ways of dealing with power.... Women do not need to diminish other women ... [they] need the power to advance their own development, but they do not “need” the power to limit the development of others.”
—Jean Baker Miller (20th century)
“As long as fathers rule but do not nurture, as long as mothers nurture but do not rule, the conditions favoring the development of father-daughter incest will prevail.”
—Judith Lewis Herman (b. 1942)
“Every new development for the last three centuries has brought men closer to a state of affairs in which absolutely nothing would be recognized in the whole world as possessing a claim to obedience except the authority of the State. The majority of people in Europe obey nothing else.”
—Simone Weil (1909–1943)