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CHINA / National |
China grants US$300m QDII quota to Deutsche Bank(Xinhua)
Updated: 2007-08-25 19:29 BEIJING -- The State Administration of Foreign Exchange has approved a qualified domestic institutional investors (QDIIs) quota of US$300 million to Deutsche Bank China, according to a release by the bank. "Through its QDII quota, Deutsche Bank will be able to leverage its leading global franchise in order to offer Chinese clients a range of first-rate investment products," said Chairman of Deutsche Bank China Lee Zhang. QDII quota, aimed at allowing financial institutions to offer overseas investment products to domestic clients, received the cold shoulder from Chinese investors. By the end of this June, China's banks only used 26 percent of the 50-billion-yuan quota granted to qualified domestic institutional investors, the China Banking Regulatory Commission said in late July. Institutional and individual investors prefer to keep hold of their yuan instead of investing overseas because they expect the yuan to continue to appreciate, experts explained. Meanwhile, QDIIs had also been deterred from overseas investment by China's rebounding stock markets, experts said. Deutsche Bank, one of the most active foreign banks in China, offers private wealth management, private and business clients, cash management, corporate banking, asset management and capital markets trading services onshore. Deutsche Bank and Huaxia Bank launched a joint credit card in June 2007. It also holds 19.5 percent interest in Harvest Funds Management. (One US dollar is equal to 7.57 yuan) |
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