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【Introduction】The State Administration of Foreign Exchange announces a new round of QDII investment quotas

China Fund reporter Lu Huijing Fang Li

After a gap of 9 months, good news arrives with a new round of QDII quotas being issued.

On March 27, the latest QDII quota table released by the foreign exchange bureau shows that multiple institutions have successively received QDII investment quotas issued by the State Administration of Foreign Exchange. A total of 78 qualified domestic institutional investors, including fund companies, brokerages, and brokerage asset management firms, have been approved for a total of $5.3 billion in QDII quotas. The approved quotas for each institution range from $20 million to $80 million.

Among them, three institutions, including Amundi Bank, Shanghai Silver Finance, and Anxin Fund, have received QDII quotas for the first time and can now “show their talents.”

Many industry insiders are very pleased with this quota approval. According to a source from a fund company, many fund companies recently submitted applications for QDII quotas to the foreign exchange bureau, and everyone previously expected that new quotas would be approved by the end of this month, and they have finally received the good news.

Multiple institutions have received

The new batch of QDII quotas

The new round of QDII quotas, which has attracted significant attention from the capital markets, has officially been issued.

According to China Fund News, on March 27, multiple banks and financial institutions such as fund companies have successively received the new QDII quotas approved by the foreign exchange bureau, approximately 9 months since the last issuance of QDII quotas.

From the types of institutions, among the newly added QDII quotas, 14 banks and bank wealth management firms have collectively added $990 million in quotas, 47 fund companies, brokerages, and brokerage asset management firms have collectively added $2.99 billion in quotas, and 17 insurance companies have collectively added $1.32 billion in quotas.

Among them, 46 institutions, including Huabao Fund, GF Fund, Morgan Fund, and Invesco Great Wall Fund, each received an additional quota of $80 million, making them the institutions with the most approved quotas this time.

21 institutions, including China Merchants Bank, Standard Chartered Bank, China International Capital Corporation, China Merchants Fund, and Penghua Fund, each received an additional quota of $60 million, while two institutions, including Jianxin Fund and CCB Principal Fund, each received an additional quota of $50 million. Eight institutions, including Qianhai Kaisen Fund, Guojin Securities, Bank of East Asia, and Haifutong Fund, each received an additional quota of $30 million, and GF Securities Asset Management received an additional quota of $20 million.

Regarding the future use of QDII quotas, a source from a fund company responded that each company would allocate the QDII quotas to different product lines based on its business needs, prioritizing products with higher market demand.

Another fund company source mentioned that previously, due to a lack of QDII quotas, onshore QDII funds had been closed to new subscriptions, leading to a disruption in premium arbitrage channels. These funds maintained high premium rates, attracting attention from all market participants, and fund companies had to spend a lot of time daily reporting on premium rate situations. The newly added quotas are primarily aimed at these high-premium varieties, hoping to stabilize the premium rates.

QDII funds are about to welcome

A new wave of relaxed large subscription trends

As investor demand for cross-border investment grows, the scale of QDII funds continues to rise.

The latest data disclosed by the Asset Management Association of China shows that as of the end of February, the total market scale of QDII funds has reached 1.03 trillion yuan, remaining above one trillion for two consecutive months.

In the long run, the scale has increased by 398.683 billion yuan over the past year, with an increase of over 60%. By the end of 2025, the total scale of QDII funds is expected to maintain positive growth for seven consecutive years.

According to China Fund reporters, in recent times, fund companies have generally adhered to the principle that “QDII quotas should be prioritized for public offering products.”

At the same time, each company needs to develop a management plan for QDII quotas based on its specific situation. In terms of the timeline, it is required that by the end of 2027, the proportion of QDII quotas used for separate account products must be reduced to below 20%. By the end of 2026, the progress should exceed half.

However, based on past experiences, due to strong market demand, each released quota is quickly utilized. On December 9 last year, Morgan Fund relaxed the subscription threshold for several QDII funds, including the Morgan Nasdaq 100 Index and Morgan Asia-Pacific Advantage Mixed Fund, to 100,000 yuan. However, just one day later, the large subscription threshold for the Morgan Nasdaq 100 Index and Morgan S&P 500 Index funds was quickly lowered to 10,000 yuan. The threshold for the Morgan Nasdaq 100 Index was further reduced to 10 yuan on December 18, while the Morgan S&P 500 Index was reduced to 100 yuan on December 11 and then again to 50 yuan on January 29 this year.

On February 26, Jianxin Fund raised the large subscription limit for its Jianxin Nasdaq 100 Index and Jianxin Emerging Market Selected Mixed funds to 100,000 yuan; however, just one day later, the limits were narrowed to 100 yuan and 1,000 yuan respectively. Currently, the daily subscription limit for Jianxin Emerging Market Selected Mixed has dropped to as low as 20 yuan.

According to Wind data, currently, over 12% of QDII funds have suspended new subscriptions, and over 30% have suspended large subscriptions, with the daily subscription limits for some products even as low as 10 yuan.

Several industry insiders predict that with the issuance of a new round of quotas, QDII funds will soon experience a new wave of relaxed large subscription trends.

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Editor: Song Yafang