New CSRC Guiding Opinion on QFII inspectors

In recent months, global equity markets have been hitting new lows. However, according to the China Securities Regulatory Commission (CSRC), there are still many applicants waiting for approval of their Qualified Foreign Institutional Investors (QFII) applications. According to statistics published by the CSRC, six investors were granted QFII approvals in August 2008, and another four in September 2008. The number of QFIIs has increased to 69, up from 59 in July 2008. In the last year, the State Administration of Foreign Exchange (Safe) has increased the QFII investment quota from US$10 billion to US$30 billion as another step to further open up the Chinese capital markets to foreign investors.