Feb. 26, 2007 (China Knowledge) – The State Administration of Foreign Exchange (SAFE) granted a total foreign investment quota of US$13.4 billion to 15 banks in 2006.

The 15 banks, which are all Qualified Domestic Institutional Investors (QDII), include major domestic commercial banks like Bank of China (BOC) <3988> <601988>, Industrial and Commercial Bank of China (ICBC) <601398> <1398>, China Construction Bank (CCB) <939> and Agricultural Bank of China (ABC), as well as foreign banks like Citibank and Bank of East Asia <BKEAY><23>.

Meanwhile, 15 insurance companies were granted foreign investment quotas totaling US$5.17 billion, while one fund management company was given a quota of US$500 million.

Since Apr. 17, 2006, China has allowed domestic institutions and individuals to invest overseas through the Qualified Domestic Institutional Investors scheme (QDII).