The approved quotas of the Qualified Domestic Institutional Investor (QDII) program, a scheme that allows Chinese investors to access foreign assets, totaled – billion U.S. dollars as of Tuesday, said the State Administration of Foreign Exchange (SAFE).
Amid efforts to further open up the financial market, China last year scrapped quotas on the dollar-denominated QFII scheme and its yuan-denominated sibling, RQFII, which further streamlined the procedures for foreign institutional investors.
The QDII quotas were granted to 174 financial institutions, including banks, securities firms, insurers, and trust companies, showed a file on the SAFEs official website.
China has yet to fully liberalize its capital account, with programs such as the QDII and Qualified Foreign Institutional Investors (QFII) providing financial institutions with quotas for outbound and inbound investment, respectively.
Since China implemented the QDII scheme in 2006, the country has gradually normalized and accelerated the issuance of QDII quotas. In June this year, the SAFE further expanded quotas under the QDII program to meet domestic investors soaring demand.