Qualified Foreign Institutional Investor
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A qualified foreign institutional investor (QFII) is allowed to convert a certain amount of foreign exchange into the renminbi and, through strictly supervised special accounts, invest it in the Chinese securities market, including A-shares, bonds, convertible bonds, corporate bonds, and other financial products the China Securities Regulatory Commission (CSRC) approves.[1]
Experts started suggesting the introduction of QFIIs in as the second half of 2001. On June 10, 2002, the CSRC Chairman Zhou Xiaochuan, at the 27th annual meeting of the International Organization of Securities Commissions (IOSCO), mentioned about the possibility of QFIIs. On Nov. 5, 2002, "Interim Procedures for Domestic Securities Investment by Qualified Foreign Institutional Investors" was formally announced.
There are 54 QFIIs as of April 2008.[2] The total quota of QFII investment is set at US$30 billion, which was raised from US$10 billion starting 2008.[3]
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References
- ↑ QFII Business in China. Haitong Securities. Retrieved on June 3, 2008.
- ↑ List of QFII. China Securities Regulatory Commission. Retrieved on June 2, 2008.
- ↑ Securities Rules Easing for Foreign Investors. Caijing Magazine. Retrieved on June 2, 2008.
