KBC wins $150 mln quota to invest in China – source
The asset management arm of Belgian financial services provider KBC Groep, has won a $150 million quota to invest in China’s capital markets, a source with direct knowledge of the matter said on Monday.
KBC received formal notice on Monday from the State Administration of Foreign Exchange (SAFE), China’s foreign exchange watchdog, for its investment quota under China’s Qualified Foreign Institutional Investor (QFII) scheme, said the source, who declined to be identified before an official announcement.
In June, KBC won a QFII license from the China Securities Regulatory Commission, China’s securities regulator, but QFII investors must also seek a foreign exchange quota from SAFE before beginning to invest in China’s capital markets, including local-currency A-shares, Chinese treasury bonds and central bank bills. A KBC representative could not be immediately reached for comment. (Reuters)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.