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Citigroup won 500 million QDII quota
By AMY CHEUNG
Published: October 09, 2006 12:00 AM
Global financial service giant Citigroup  has received a quota to invest 500 million US dollars abroad on behalf of domestic clients, Reuters quoted the State Administration of Foreign Exchange as saying. In a separate announcement, the foreign exchange regulator said it had given approval to Hong Kong-based Hang Seng Bank to invest 300 million US dollars overseas as part of China's qualified domestic institutional investor (QDII) programme, said Reuters. Under the QDII scheme launched earlier this year, banks, insurance firms and fund managers are allowed to invest clients' assets overseas, a step designed to help spur capital inflows and relieve upward pressure on the yuan. But the government has stipulated that funds managed under the QDII scheme should be invested in fixed-income assets and money-market instruments to rein in investment risk.
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