Five banks win status as QFII custodians | SCMP
China's five largest commercial banks have been approved as custodians for a ground-breaking scheme allowing selected foreign investors to buy publicly traded yuan A shares.
The first batch of QFII custodians include China's big four state-owned commercial banks - the Industrial and Commercial Bank of China, Bank of China, China Construction Bank, the Agricultural Bank of China - and the nation's No 5 lender, Shanghai-based Bank of Communications.
The qualifications of three foreign custodian candidates - Citibank, HSBC and Standard Chartered Bank - were under review, a CSRC official said yesterday.
As QFII candidates must apply through custodians for licences and investment quota, the approval of custodians marks a crucial step forward in making the scheme operational.
What did I say then?
If the U.S. would stop its hectoring, China would probably revalue
......argument...
