Everbright Bank gets trustee status for QFII

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Last updated at: (Beijing Time) Thursday, September 18, 2003

Everbright Bank gets trustee status for QFII

China Everbright Bank has been given the green light by China's securities regulator to serve as the trustee for a qualified foreign institutional investor (QFII).

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China Everbright Bank has been given the green light by China's securities regulator to serve as the trustee for a qualified foreign institutional investor (QFII).

A spokesman for the bank said Wednesday that China Everbright has made sound preparations for QFII business, in terms of rule improvement, systematic upgrading, risk control and emergency dealing.

The bank has made deep research into the impact of QFII on China's capital market, experience and lessons drawn from QFII practices abroad and models and risks for QFII trustees, he said.

China Everbright, a joint share-holding commercial bank, will be allowed to serve the QFII's investment in China's securities market, thanks to the trustee status, which will help enrich the bank's intermediate businesses and expand and upgrade its services,he noted.

The introduction of the QFII system was a significant step in the opening of China's domestic capital market to foreign investors. With trustee status, commercial banks can provide all-round services for QFIIs, including the opening of accounts, asset custody, capital clearing and information consultation.

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