China's central bank vows to open financial sector further
(Xinhua)Updated: 2007-03-17 13:59
By March 4, a total of 9.995 billion U.S. dollars of investment quotas had
been granted to 49 QFIIs.
Meanwhile, channels will also be expanded to
allow Chinese investment in foreign financial markets.
The bank said it
would ease restrictions on enterprises and individuals possessing and using
foreign currencies and increase the number of qualified domestic institutional
investors (QDIIs) and the value of their investment quotas.
"We
will make use of the financial market to achieve balanced international
payments," said the bank.
Last year, the State Administration of Foreign
Exchange (SAFE) raised the annual quota for individuals buying foreign currency
from 20,000 U.S. dollars to 50,000 U.S. dollars.
"China will strive for a
more efficient and vigorous financial market that can better serve international
needs," the bank said.
The country will adjust its financial market
rules so they are accepted around the world, encourage innovation and promote
more flexible, diversified ways of trading, according to the bank.
China
fully opened its financial market to foreign capital on December 11 last year,
ending a five-year transitional period after entering the World Trade
Organization.
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