Credit Suisse First Boston (CSFB) won approval from China's securities regulator for a US$50 million quota to buy RMB-denominated shares and bonds under the qualified foreign institutional investor (QFII) scheme.
The investment-banking unit of Switzerland's second-largest lender by assets appointed Industrial and Commercial Bank of China as its custodian bank and China International Capital as its broker.
CSFB is the 10th foreign investment bank to secure a QFII license and the approval brings to US$1.65 billion the total amount that overseas investors have been allowed to invest.