Qualified foreign institutional investors are putting most of their money in bonds and bank deposits, the South China Morning Post reported, not in A shares as the China Securities Regulatory Commission had hoped when it launched the QFII scheme just over a year ago. Less than half of the US$1.8 billion China's 15 QFIIs have been cleared to invest is in A-shares, a situation they blame on a sluggish, poorly run market. One payoff QFIIs hope for as they mark time is a RMB revaluation.