China’s forex regulator grants $6.84B QDII quota; 12 wealth managers get $940M

TREE NEWS update: China’s State Administration of Foreign Exchange (SAFE) has approved a new batch of Qualified Domestic Institutional Investor (QDII) quotas, totaling $6.84 billion across various institutions. Among them, 12 bank wealth management companies received a combined $940 million, boosting their overseas investment capacity. Notably, Bank of China Wealth Management’s cumulative quota reached $3.27 billion, while ICBC Wealth Management and CCB Wealth Management hold $2.95 billion and $710 million respectively. Several firms plan to allocate these funds to new products.