China overlooks own foreign investment cap

A open sign

China's authorities have for the first time allowed a private company to invest more than $1 billion in onshore assets in a small, but significant step towards opening up the country's capital account.

China's foreign exchange regulator, the State Administration of Foreign Exchange (Safe), said on its website yesterday that it had granted a quota of $1.2 billion to Hong Kong-based Fidelity Investments Management, an arm of the US fund manager.

Only official investors have previously been granted

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