Three more brokerages granted QDII status

Everbright Securities, Orient Securities and Huatai Securities became the three latest Chinese firms to receive approval for the Qualified Domestic Institutional Investor (QDII) scheme, state media reported. The firms joined CITIC Securities, CIC Securities, Guotai Junan Securities and China Merchants Securities in a program that allows Chinese banks, fund managers and insurers to invest funds overseas. Dow Jones cited an Orient Securities official as saying QDII quotas had not yet been set, and that specific QDII products would require further regulatory approval.