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China will further open its financial sector in "an active and safe" way, the country's central bank promised on Friday.

 

"China will gradually broaden the scope for the participation of foreign capital in the domestic financial market," said the People's Bank of China in a report.

 

"We will strengthen the connections between China's financial market and international counterparts by attracting more foreign capital in Renminbi-denominated financial products," the report said.

 

Currently only qualified foreign institutional investors (QFIIs) can invest in the yuan-denominated A-share stock market.

 

The central bank said it would lower the threshold for approving QFIIs and increase their investment quotas, and further encourage foreign institutions to issue yuan-denominated bonds and securities in the country.

 

By March 4, a total of US$9.995 billion of investment quotas had been granted to 49 QFIIs.

 

Meanwhile, channels will also be expanded to allow Chinese investment in foreign financial markets.

 

The bank said it would ease restrictions on enterprises and individuals possessing and using foreign currencies and increase the number of qualified domestic institutional investors (QDIIs) and the value of their investment quotas.

 

"We will make use of the financial market to achieve balanced international payments," said the bank.

 

Last year, the State Administration of Foreign Exchange (SAFE) raised the annual quota for individuals buying foreign currency from US$20,000 to US$50,000.

 

"China will strive for a more efficient and vigorous financial market that can better serve international needs," the bank said.

 

The country will adjust its financial market rules so they are accepted around the world, encourage innovation and promote more flexible, diversified ways of trading, according to the bank.

 

China fully opened its financial market to foreign capital on December 11 last year, ending a five-year transitional period after entering the World Trade Organization (WTO).

 

(Xinhua News Agency March 17, 2006)