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MUFG Bank obtains 6B yuan quota to invest in China

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MUFG Bank obtains 6B yuan quota to invest in China

Japan's MUFG Bank Ltd. obtained a quota under China's Renminbi Qualified Foreign Institutional Investor scheme, enabling the lender to purchase stocks and bonds in China, Nikkei Asian Review reported May 29.

The Japanese bank was granted the largest quota of any bank under the scheme at 6 billion yuan.

The scheme aims to drive investment to Chinese companies and supports the Chinese government's efforts to internationalize the yuan.

MUFG Bank is a unit of Mitsubishi UFJ Financial Group Inc.

As of May 29, US$1 was equivalent to 6.91 Chinese yuan.