Deutsche Bank wins approval

Deutsche Bank wins approval

SHANGHAI: Germany's largest bank Deutsche Bank has won regulatory approval to trade in China's US$500-billion securities markets, it was announced Monday.

Deutsche is the sixth foreign institution to be granted access by the China Securities Regulatory Commission, the regulatory body reported on its website.

Switzerland's UBS, Japan's Nomura Holdings and the United States's Morgan Stanley, Citigroup and Goldman Sachs were the first five groups granted access under the Qualified Foreign Institutional Investors (QFII) scheme earlier this year.

Rules governing QFIIs were published late last year and in March this year China appointed a number of custodian banks authorized with opening accounts for them.

Foreign institutions can invest in all of the more than 1,200 A-share listed companies in China and are no longer restricted to the paltry B-share market which was been open to them for more than a decade.

UBS and Citibank have reportedly already executed trades. -- AFP