China triples QFII quota to 30 bln US dollars

时间：2007-12-11 07:50:11

（单词翻译:单击）

Dec.11 - China has underscored its intention to open up the country's financial markets by tripling the investment quota1 of qualified2 foreign institutional investors3 (QFII) from 10 billion U.S. dollars to 30 billion U.S. dollars.

 

The announcement from the State Administration of Foreign Exchange (SAFE) came ahead of the 18th U.S.-China Joint4 Commission on Commerce and Trade and the third Sino-U.S. Strategic Economic Dialogue, which are to open on Tuesday and Wednesday, respectively.

 

This expansion was the second enlargement of the QFII program, launched in 2002 with a quota ceiling of 4 billion U.S. dollars on a trial basis.

 

The previous expansion, in 2005, was 6 billion U.S. dollars. However, no foreign institutional investors have acquired any new quotas5 since February, when the then 10-billion-dollar quota was running low.

 

Shang Fulin, chairman of the China Securities Regulatory Commission, told reporters in October that raising the QFII quota was a common understanding reached at the second Sino-US Strategic Economic Dialogue.

 

The SAFE said it would "decide the tempo6" of quota issues in line with China's international payments and the development of the domestic stock market.

 

"Eligible7 overseas medium- and long-term investment will be encouraged to invest in China's capital market," it said.

 

Reviewing the performance of QFII funds over the past five years, the SAFE said that the system had facilitated a transformation8 in Chinese investors' sophistication, improved risk management, strengthened the global clout9 of Chinese capital markets and helped optimize10 corporate11 governance.

 

The QFIIs, described by the SAFE as "significant institutional investors", numbered 49. Their aggregate12 market capitalization was nearly 200 billion yuan (about 27.02 billion U.S. dollars).

 

Industry analysts13 said the government had previously14 been reluctant to raise the QFII quota, both for fear of sparking currency appreciation15 and concern that the domestic stock markets were near bubble territory.

 

Separately from the SAFE announcement, Liu Mingkang, chairman of the China Banking16 Regulatory Commission, played down fears of overheating in comments made at an annual conference sponsored by Caijing Magazine in Beijing Monday.

 

"The benchmark Shanghai index has more than tripled from 2003 to this November, which is still small compared with other BRIC [Brazil, Russia, India, China] nations. Russian stocks rose nearly 631 percent, Brazilian stocks, 576 percent and Indian stocks, 596 percent," he said.

 

To promote steady development of the financial markets, the SAFE also said that it would expand channels for local residents to invest abroad and raise the investment quota for qualified domestic institutional investors (QDII).

 

"We support more eligible local financial institutions being able to provide more diversified17 products for domestic investors, enhance their risk management and establish new advantages in global competition," said the SAFE in a statement.

 

As of end-September, all QDIIs -- including banks, funds, insurers and securities dealers18 -- had acquired investment quotas of 42.17 billion U.S. dollars, with an actual outflow of 10.86 billion U.S. dollars.

 

The benchmark yuan-U.S. dollar exchange rate hit a new high of 7.3872 on Nov. 27, for a cumulative19 appreciation of nearly 11 percent since China discontinued the peg20 to the greenback in July 2005.

 

China's central bank governor, Zhou Xiaochuan, said on Nov. 18 that if necessary, the nation would consider widening the yuan's trading band.

 
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点击收听单词发音收听单词发音  

1 quota vSKxV     
n.（生产、进出口等的）配额，（移民的）限额
参考例句：
  • A restricted import quota was set for meat products.肉类产品设定了进口配额。
  • He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。
2 qualified DCPyj     
adj.合格的，有资格的，胜任的，有限制的
参考例句：
  • He is qualified as a complete man of letters.他有资格当真正的文学家。
  • We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。
3 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
4 joint m3lx4     
adj.联合的，共同的；n.关节，接合处；v.连接，贴合
参考例句：
  • I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
  • We wrote a letter in joint names.我们联名写了封信。
5 quotas 56efa1d6a3d7b4abe55e080dda812715     
（正式限定的）定量( quota的名词复数 )； 定额； 指标； 摊派
参考例句：
  • In fulfilling the production quotas, John made rings round all his fellow workers. 约翰完成生产定额大大超过他的同事们。
  • Quotas of the means of production are allocated by the higher administrative bodies to the lower ones. 物资指标按隶属关系分配。
6 tempo TqEy3     
n.(音乐的)速度；节奏，行进速度
参考例句：
  • The boss is unsatisfied with the tardy tempo.老板不满于这种缓慢的进度。
  • They waltz to the tempo of the music.他们跟着音乐的节奏跳华尔兹舞。
7 eligible Cq6xL     
adj.有条件被选中的；(尤指婚姻等)合适(意)的
参考例句：
  • He is an eligible young man.他是一个合格的年轻人。
  • Helen married an eligible bachelor.海伦嫁给了一个中意的单身汉。
8 transformation SnFwO     
n.变化；改造；转变
参考例句：
  • Going to college brought about a dramatic transformation in her outlook.上大学使她的观念发生了巨大的变化。
  • He was struggling to make the transformation from single man to responsible husband.他正在努力使自己由单身汉变为可靠的丈夫。
9 clout GXhzG     
n.用手猛击；权力，影响力
参考例句：
  • The queen may have privilege but she has no real political clout.女王有特权，但无真正的政治影响力。
  • He gave the little boy a clout on the head.他在那小男孩的头部打了一下。
10 optimize WIoxY     
v.使优化 [=optimise]
参考例句：
  • We should optimize the composition of the Standing Committees.优化人大常委会组成人员的结构。
  • We should optimize our import mix and focus on bringing in advanced technology and key equipment.优化进口结构，着重引进先进技术和关键设备。
11 corporate 7olzl     
adj.共同的，全体的；公司的，企业的
参考例句：
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
12 aggregate cKOyE     
adj.总计的，集合的；n.总数；v.合计；集合
参考例句：
  • The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
  • The money collected will aggregate a thousand dollars.进帐总额将达一千美元。
13 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
14 previously bkzzzC     
adv.以前，先前（地）
参考例句：
  • The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
  • Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。
15 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
16 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
17 diversified eumz2W     
adj.多样化的，多种经营的v.使多样化，多样化( diversify的过去式和过去分词 )；进入新的商业领域
参考例句：
  • The college biology department has diversified by adding new courses in biotechnology. 该学院生物系通过增加生物技术方面的新课程而变得多样化。 来自《简明英汉词典》
  • Take grain as the key link, develop a diversified economy and ensure an all-round development. 以粮为纲，多种经营，全面发展。 来自《现代汉英综合大词典》
18 dealers 95e592fc0f5dffc9b9616efd02201373     
n.商人( dealer的名词复数 )；贩毒者；毒品贩子；发牌者
参考例句：
  • There was fast bidding between private collectors and dealers. 私人收藏家和交易商急速竞相喊价。
  • The police were corrupt and were operating in collusion with the drug dealers. 警察腐败，与那伙毒品贩子内外勾结。
19 cumulative LyYxo     
adj.累积的，渐增的
参考例句：
  • This drug has a cumulative effect.这种药有渐增的效力。
  • The benefits from eating fish are cumulative.吃鱼的好处要长期才能显现。
20 peg p3Fzi     
n.木栓，木钉；vt.用木钉钉，用短桩固定
参考例句：
  • Hang your overcoat on the peg in the hall.把你的大衣挂在门厅的挂衣钩上。
  • He hit the peg mightily on the top with a mallet.他用木槌猛敲木栓顶。

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