State Street Corp Wins approval as QFII investor

Source: Agencies  |   2008-6-14  |     NEWSPAPER EDITION

STATE Street Corp won the Chinese central government's approval to invest in the nation's stock market as a qualified foreign institutional investor, Shanghai Securities News reported.

The approval brings the total number of such investors, known as QFIIs, to 55, the newspaper said, citing China Securities Regulatory Commission data. The report didn't give the size of the investment quota Boston-based State Street received.

QFIIs' new investment quota applications pending regulatory approval exceeded US$20 billion at the end of April, the newspaper said, citing unidentified "insiders."

The Chinese mainland agreed in December to raise the total amount of QFII quotas to US$30 billion from US$10 billion, the newspaper said. The central government had approved a combined US$10.6 billion of quotas to the QFII investors excluding State Street by the end of April, it said, citing CSRC data.