Two more banks in stock market

  • Business
  • Wednesday, 11 Jun 2003

MORGAN Stanley Co International Ltd and Citigroup Global Transaction Services of the United States became the first foreign investors to be granted the Qualified Foreign Institutional Investors (QFII) status on the Chinese stock market, authorities said on Sunday.  

The China Securities Regulatory Commission announced that Morgan Stanley and Citigroup had been granted authorisation to invest in the stock market.  

The commission said that it was evaluating applications of other foreign institutions for the QFII status.  

Morgan Stanley and Citigroup still need to have their applications for the maximum amount of investment approved by China’s State Administration of Foreign Exchange (SAFE) before they can invest in the stock market.  

According to China’s regulations, foreign investors should apply to the SAFE for their maximum amount of investment before entering the Chinese stock market.  

The SAFE will then make a decision on the application within 15 business days.  

Prior to Morgan Stanley and Citigroup, Swiss UBS Ltd and Japan’s leading Nomura Securities Co Ltd were granted the QFII status by the SAFE last week, for respective maximum investments of US$300mil (RM1.1bil) and US$50mil (RM190mil). –China Daily 

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