Korea Investment Corporation (KIC) has applied for a license to invest in Chinese bond and stock markets, Reuters reports, citing Chosun Ilbo. The Korean sovereign wealth fund previously applied for the Qualified Foreign Institutional Investor (QFII) license late last year.
The fund is preparing to allocate part of its foreign exchange reserves to yuan-denominated assets. KIC, which invests entirely outside South Korea, previously said that it seeks to increase its emerging markets asset allocation in the first half of this year.
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