Foreign funds outperformed Chinese in domestic rally
Foreign funds investing in China's stock market outperformed all types of domestic Chinese funds in the January rally. Total net assets at the QFII funds rose 9.01 percent to US$7.58 billion in January.
QFII funds had fallen 65 percent in 2008 after rising 124 percent in 2007.
Three new QFIIs opened A-share accounts in January to trade in Shanghai and Shenzhen: ABU Dhabi Investment Authority, Allianz Global Investors Luxembourg S.A., Capital International, inc. and Mitsubishi UFJ Securities Co., Ltd.
In 2008, 24 institutions were awarded status as Qualified Foreign Institutional Investors from China Securities Regulatory Commission, together allocated an investment quota of US$2.86bn. In total, there are now 76 QFIIs are trading with 122 accounts at the quota of US$12.86 billion.
Individual quotas are given to different institutions, with many hoping they can increase their totals in order to buy into the current low-price market. The largest quotas of US$0.8 billion and US$ 0.55 billion went to UBS Ag and Citi Group Global Markets, two of the earliest QFIIs.
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