Chinese asset managers delight in mini-QFII endorsement

Chinese vice-premier Li Keqiang endorsed the long-awaited mini-QFII scheme during his visit to Hong Kong yesterday in the clearest sign yet it is set for imminent approval. He said an initial quota of Rmb20 billion ($3.1 billion) would be shared among Hong Kong subsidiaries of Chinese securities companies and fund houses to allow them to invest directly into the mainland's securities market. Although Li did not specify when the scheme would be launched, he offered assurances tha…