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Biz News Korea(Eng)

KDB gains direct access to yuan-denominated capital market

Collected: 2016.07.08

Distributed: 2016.07.11

Source: Go Direct

State-owned Korea Development Bank (KDB) said Thursday it was made qualified foreign institutional investor (QFII) allowed access to Chinese Renminbi-denominated assets in China, the first among Korean financial institution.

The license from the China Securities Regulatory Commission grants the bank to invest in yuan-denominated “A shares” in mainland Shanghai and Shenzhen stock exchanges that are exclusive for domestic investors.

The bank would put up 1 billion yuan ($149.3 million) for onshore stock investment in China. It also plans to take part in China’s Interbank Bond Market (CIBM).

KDB already is familiar with the Chinese market, having been investing as qualified investor in dollars. China introduced the dollar-denominated QFII program in 2002 and RMB-denominated QFII quota in 2012 for foreign institutional investors to internationalize its capital market and currency.

When China’s President Xi Jinping paid a state visit to Korea in July 2014 for summit talks with President Park Geun-hye, the two agreed to set up won-yuan direct trading market in Seoul in December 2014 and in Shanghai in June 2016. Korea issued yuan-denominated foreign exchange stabilization bonds in China last December.

By Noh Seung-hwan

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