SAFE approves $650m quota to 7 new QFIIs

The State Administration of Foreign Exchange added seven more investors into the Qualified Foreign Institutional Investor program on June 8, and approved a total of $650 million quota, the administration announced Thursday on its website.

According to the announcement, American International Assurance Co Ltd got $150 million quotas, the most among the seven companies just entered the QFII list.

BlackRock Institutional Trust Company, Northern Trust Global Investments Ltd, Capital Research and Management Company and City of London Investment Management Co Ltd have newly-approved $100 million quotas respectively.

Mercuries Life Insurance Co Ltd and Okasan Asset Management Co Ltd have also been approved $50 million, said SAFE.

QFII, launched in 2002, is one of the channels for overseas investors to trade in the A-share market within given quotas. An increasing number of foreign investors showed interest in China's A-share market, and China's regulator had quickened its pace to further open its capital market, said Xinhua News Agency.