September 30, 2016 / 2:42 PM / a year ago

UPDATE 1-China to scrap limits on QFII, RQFII asset allocation

(Updates to change sourcing to CSRC)

SHANGHAI, Sept 30 (Reuters) - China's securities regulator will scrap limits on asset allocations under two investment schemes, it said on Friday in an attempt to attract more long-term capital.

The China Securities Regulatory Commission (CSRC) will let investors in the Qualified Foreign Institutional Investor (QFII) programme and the yuan-denominated variant RQFII scheme decide themselves how to allocate their assets in China.

The commission has notified custodian banks of the rule changes recently, it said on its official Weibo account, a popular Twitter-like service in China.

Previously, CSRC had issued guidance urging QFII investors to put at least 50 percent of their assets in stocks, and a maximum of 20 percent in cash.

By the end of August, China had granted $81.5 billion of investment quotas to 300 institutions under QFII, and 510.3 billion yuan ($76.52 billion) of quotas to 210 institutions under RQFII, CSRC said. ($1 = 6.6690 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Richard Borsuk)

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