US$350 million quota boost for QFIIs

China's foreign exchange authority has awarded US$350 million in investment quotas to three qualified foreign institutional investors (QFII), the official China Securities Journal reported. The three QFIIs are JP Morgan Chase Bank, DBS Bank and JF Asset Management. Overseas investors in China are allowed to hold tradable shares only through QFIIs. The State Administration of Foreign Exchange (SAFE) said the 39 QFIIs, which have been awarded a total investment quota of US$6.32 billion since the scheme was piloted in December 2002, had helped the reform and innovation of China's capital markets.