China's State Administration of Foreign Exchange (SAFE) has granted investment quotas totaling US$9.995 billion to 49 qualified foreign institutional investors (QFII), state media reported. The sum is short of the US$10 billion-ceiling the Chinese government has set for QFIIs, but three of the 52 registered QFIIs have not yet obtained investment quotas. SAFE will soon draw up new regulations that aim to increase the total investment quota, raising the ceiling on securities investments by foreign institutions up to 10% of the market value of the yuan-denominated A-share market, meaning US$55 billion to US$120 billion will be gradually allowed to enter the A-share market over the next eight to ten years.
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