China gives investment quota to US to boost yuan’s global use

US asset managers awarded $38 billion quota under RQFII programme for the first time

Barack Obama with Chinese president Xi Jinping
Spirit of co-operation: Barack Obama and Xi Jinping agreed in September 2015 to facilitate renminbi trading

Officials in China have announced a scheme that will allow US investors to gain access to its financial markets by offering a quota of 250 billion yuan ($38 billion) under the renminbi qualified foreign institutional investor (RQFII) programme.

The allocation, second only to that of Hong Kong, which is set at 270 billion yuan ($41 billion), is the latest move from Beijing to increase the use of the currency overseas and attract fresh capital after the outflows witnessed in recent months.

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