Two qualified foreign institutional investor (QFII) were awarded new investment quotas, state media reported. Canada's Bank of Nova Scotia and KBC Financial Products UK received quotas of US$150 million and US$100 million from the State Administration of Foreign Exchange. The QFII programme was launched in 2003 to allow foreign institutional investors like UBS, Deutsche Banks and Citigroup to buy securities in China. So far, some 40 investment institutions have been approved for US$7.145 billion in QFII quotas.