China has resumed approvals for institutions to buy overseas securities under its tightly managed offshore investment regime after a 17-month hiatus, suggesting Beijing believes the worst of the financial crisis is over.
The State Administration of Foreign Exchange granted new quotas to E Fund Management and China Merchants Fund Management to invest up to $1bn and $500m respectively in offshore securities, according to industry analysts.
The previous quota handed out under the qualified domestic institutional investor scheme was granted in May 2008, before the worst of the financial crisis.
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