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Foreign capital quotas set for major increase

(China Daily)

08:21, January 16, 2013

Tenfold rise probable, top regulator says

A major increase in overseas capital will be allowed into the domestic A-share market, China's top securities regulator said in Hong Kong on Monday.

The A-share quota may increase at least nine to 10 times for the two key investment programs, the renminbi-qualified foreign institutional investor and the qualified foreign institutional investor, Guo Shuqing, chairman of China Securities Regulatory Commission, said at the Asian Financial Forum.

The combined quota for the programs currently accounts for only between 1.5 to 1.6 percent of the total capitalization of the A-share market.

The internationalization of the yuan will also be continued and Chinese investors will be encouraged to invest overseas, Guo said.

K C Chan, Hong Kong's secretary for financial services and the treasury, said the renminbi investor program had been well received by the market since its launch.

Financial institutions in Hong Kong had expressed keen interest in participating, he said.

Chan said that Hong Kong welcomes any measure to lift the quota as it will help further develop the city's financial market and investor appeal.

The renminbi investor program, introduced at the end of 2011 with an initial quota of 20 billion yuan ($3.2 billion), raised to 70 billion yuan last year, allows foreign investors to use offshore yuan to buy mainland securities.

The qualified investor program, launched in 2003, had seen its accumulated quota reach $37.4 billion as of December.

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