China on Monday granted Germany an RMB80 billion (US$12.9 billion) quota that will allow domestic investors to buy securities in China under the Renminbi Qualified Foreign Institutional Investor program, Bloomberg reported. Strict regulations currently make it difficult to invest in Chinese companies. Frankfurt, Germany’s financial capital, wants to build an offshore trading center for the Chinese currency after the European Central Bank agreed to a RMB350 billion swap line last year and the Bundesbank in March agreed to cooperate in the clearing and settlement of renminbi transactions with the People’s Bank of China.
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