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CHINESE NOT ALLOWED TO BUY QDII PRODUCTS WITH FOREIGN CURRENCY.
BEIJING, Jan 1 Asia Pulse - Resident individuals in the Chinese mainland are not allowed to buy QDII (Qualified Domestic Institutional Investor) products of commercial banks directly with foreign currency cash. Instead, they are only allowed to use their own foreign currency cash deposits and spot exchange deposits in domestic banks, according to a new document issued by the State Administration of Foreign Exchange (SAFE).
SAFE stipulates that commercial banks do not need to apply for foreign exchange investment quotas when using clients' own foreign exchange fund for asset management overseas, and their quotas for buying foreign exchange for such transactions may be used in a cyclic way. However, the margin between accumulated purchases and ...
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Hanoi (VNA) - The nations commercial banks are expecting smooth sailing through the...traditional banking services and the rest from foreign exchange and money market activities. Most commercial banks showed that interest from loans accounted...
