China widens access to overseas stocks, handing out nearly US$7b in QDII quotas

Beijing’s recent granting of new outbound investment allocations will help ease tight supply of cross-border investment products, including those invested in US securities, as Chinese investors look globally for diversification, according to analysts. The foreign-exchange regulator granted US$6.84 billion of qualified domestic institutional investor (QDII) quotas to mutual-fund firms, insurers and banks’ wealth-management units in the latest round of approvals by the end of August, according to...