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)
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