China approves QFII custodians
(China) - The Shanghai branches of Citibank, HSBC and Standard Chartered have been given permission to act as custodian banks for overseas funds to be invested in China's US$500 billion domestic stock markets.
The three banks, the first to be given such permission, will be allowed to assist Qualified Foreign Institutional Investors (QFII) to trade in local currency denominated A category shares.
China launched a scheme last year to select foreign institutional investors to buy into the A share markets.
Five domestic banks also won approval to conduct custodian business.
China launched a scheme last year to select foreign institutional investors to buy into the A share markets.
Five domestic banks also won approval to conduct custodian business.
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