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Morgan Stanley Co. International Limited and Citigroup Global Transaction
Services of the United States became the first foreign investors to be granted
the Qualified Foreign Institutional Investors (QFII) status in the Chinese stock
market, authorities said Sunday.
The
China Securities Regulatory Commission Sunday announced that Morgan
Stanley and Citigroup had been granted authorization to invest in China's stock
market.
The commission said that it is evaluating applications of other foreign
institutions for the QFII status.
Morgan Stanley Co. International Limited and Citigroup Global Transaction
Services still have to have their applications for maximum amount of investment
approved by China's State Administration of Foreign Exchange (SAFE) before they
can invest in the Chinese 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
markets. The SAFE will then make a decision on the application within 15
business days.
Prior to Morgan Stanley and Citigroup, Swiss UBS Limited and Japan's
leading Nomura Securities Co. Limited were granted the QFII status by the SAFE
on Friday, for respective maximum investments of US$300 million and US$50
million.(xinhua)
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