? ?
BIZCHINA / Center
Insurers to be allowed to increase overseas investment
By Rong Xiandong (chinadaily.com.cn)
Updated: 2007-07-24 15:51
The Chinese government is to release amended rules on management of
insurance companies' overseas investment soon, allowing the nation's
insurers to put more of their assets overseas to compensate for higher
interest rates at home, the industry regulator said.
The China Insurance Regulatory Commission (CIRC) is working on the
revised regulations together with other regulatory bodies and that the
rules will be released soon, said the CIRC spokesman and assistant
president Yuan Li at today's press conference.
Special coverage:
Market Watch
Related readings:
?Insurers to invest in stocks
?China to allow more insurance funds into stock market
?China allows trusts, insurers into interbank market
?Insurers' securities investment rises 53%
In 2006, the commission publicized draft rules under which domestic
insurers are permitted to invest overseas using their own foreign
currency or by buying other currencies.
The State Council allowed insurance companies to use their own foreign
exchange (forex) for offshore investments in 2004 and gave the nod to
their purchasing forex for investments in overseas markets in 2006,
according to Yuan.
These measures have played an important role in promoting domestic
insurance capital's investment abroad. As of June this year, domestic
insurers had invested a total of 19.7 billion yuan in overseas markets.
China raised interest rates and cut the withholding tax on interest
income on Friday in a coordinated move to get the blistering economy onto
a healthier footing.
(For more biz stories, please visit Industry Updates)
Learn Mandarin online
No comments:
Post a Comment