Sachs has become the fifth financial institution to be granted permission to invest in yuan-
denominated stocks and bonds. The China Securities Regulatory Commission granted the
qualified foreign institutional investor licence to the US bank, having opened up the A-share
market last December.
UBS and Morgan Stanley have each
an investment quota of US$300m, while Nomura and Citigroup Global Markets were given
US$50m and US$75m respectively. On July 9, LBS became the first foreign institution to
trade under the QFII scheme when it bought shares in 7TF, Baushan Iron & Steel, Shang-
hai Port Container and Sinotrans Air on behalf of a client in Hong Kong.
Investment quotas for OFII licensees