China Awards $8.2 Billion RQFII Quota to Canada in Harper Visit – Bloomberg.
China gave a 50 billion yuan ($8.2 billion) quota to Canada under the Renminbi Qualified Foreign Institutional Investor program as Prime Minister Stephen Harper visited Beijing and signed deals to boost economic ties.
The two sides signed deals worth almost C$2.5 billion ($2.2 billion), agreements that will create thousands of jobs in Canada, Harper said. Separately, China’s State Council also approved a three-year C$30 billion currency swap agreement with Canada, the People’s Bank of China said in a statement on its website today.
The decision follows China’s award of a 30 billion yuan quota to Qatar as the world’s second-largest economy expands the RQFII program beyond Hong Kong in efforts to promote global use of the yuan. China started the program in 2011, allowing investors holding the currency overseas to buy domestic bonds, stocks and money-market instruments.
“I’m sure that will give a strong support for our business ties and mutual investment,” China’s Premier Li Keqiang said as he met Harper.
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