ING Wholesale Banking has received an additional quota for the onshore China A-share market, which firms have been using to structure market access products. Karen Williams, spokeswoman in Hong Kong, said the allocation has been increased to USD350 million from USD100 million by the State Administration of Foreign Exchange.
Banks have been lobbying regulators in Beijing since last year to get additional allotments for the mainland market, which has been picking up steam and attracting greater attention from international funds (DW, 10/14). Firms typically structure plain vanilla market access notes on A-share equities for offshore clients looking to tap the booming Chinese market.
