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BOK granted $300 mln QFII quota in China

(Xinhua)

09:00, March 13, 2012

SEOUL, March 12 (Xinhua) -- The Bank of Korea (BOK), South Korea's central bank, said Monday that it was approved to buy as much as 300 million U.S. dollars worth of Chinese stocks and bonds.

The State Administration of Foreign Exchange (SAFE) allotted last Friday the South Korean central bank 300 million U.S. dollars for the Qualified Foreign Institutional Investor (QFII) ceiling, according to the BOK.

The allotment allowed the BOK to buy as much as 300 million U.S. dollars worth of listed stocks and bonds on the Chinese financial market as well as in the over-the-counter (OTC) market, the central bank said.

The BOK applied for the status of QFII in February last year, and got the approval in January this year from the China Securities Regulatory Commission (CSRC) that allowed the central bank to buy Chinese bonds in the OTC market.

The BOK has been pushing to invest part of its foreign reserves into the yuan-denominated bonds and stocks as part of efforts to diversify its foreign exchange reserves. The country's foreign reserves reached a new record of 315.8 billion U.S. dollars as of the end of February.

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