China's dollar-denominated Qualified Foreign Institutional Investors (QFII) program saw its total quota at 113.16 billion U.S. dollars by the end of March, according to the State Administration of Foreign Exchange.

 

As of the end of last month, the quota in the RMB Qualified Foreign Institutional Investors (RQFII) program came in at 712.44 billion yuan (about 100.55 billion U.S. dollars).

 

China's currency, the yuan, is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is largely run by the state in an effort to manage capital flows in and out of the country.

 

The QFII and RQFII programs, introduced in 2003 and 2011 respectively, allow overseas institutional investors to move money into China's capital account to encourage controlled flows.

 

The QDII program, a scheme that allows domestic investors to access overseas assets, stood at 103.98 billion U.S. dollars.