China's Central Bank grants $1 billion to Kuwait investment body
Thursday, 18 October 2012
BEIJING: China's Central Bank has recently granted a 6.5 billion Yuan ($1 billion) license to Kuwait Investment Authority (KIA) to invest in the domestic interbank bond market, KIA Managing Director Bader Al-Saad said Thursday.
Kuwait's news agency (KUNA) quoted Al-Saad as saying that the KIA has also fully invested an initial quota of $300 million in the Chinese securities market after Beijing's approval in March.
He added that the investment authority will request for the balance of $700 million allocation from the Chinese authorities shortly, hoping the request would be approved by China at an opportune time.
Back in 2010, the People's Bank of China launched a program allowing a selection of foreign financial institutions and central banks to buy bonds on China's interbank market under a preset quota, in a bid to internationalize of Chinese currency. (QNA)