China has awarded Germany an 80 billion yuan (US$12.9 billion) quota to invest in the country’s capital market, China News Service reported Monday.
The quota was among several deals signed during a three-day visit by German Chancellor Angela Merkel, her seventh since she took office in 2005.
That gives Germany a pipeline to China’s renminbi qualified foreign institutional investor (RQFII) scheme which allows qualified foreign entities to invest renminbi in Chinese stocks, bonds and money market instruments.
Also, the two sides agreed to establish a high-level financial dialogue, the report said.
Airbus Group’s helicopter division won a deal to supply 100 helicopters to Chinese companies.
The deals were signed in Beijing and were overseen by Merkel and Chinese Premier Li Keqiang.
China is Germany’s second largest export market outside Europe.
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