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China grants QFII license to UOB Asset Management

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2008-12-09 18:42

China's securities regulator has approved UOB Asset Management, a unit of Singapore's United Overseas Bank, to invest in yuan-denominated stocks under its Qualified Foreign Institutional Investor (QFII) Scheme.

The approval, the 20th this year nodded by the China Securities Regualtory Commission, brings to the the number of foreign investors in the QFII scheme to 72. The scheme was launched in 2003 as the main way for foreigners to buy Chinese securities.

The regulator has quicken its approval process on foreign investors' application to obtain a QFII license since March, and the government has agreed to triple quotas under the QFII program to $30 billion.

Individual quotas are commonly around $100 million to $200 million, and quotas issued so far are believed to total more than $11 billion.