China's makes milestone €6.8bn offer to Ireland

A huge investment quote extended by the world's second largest economy...

The People's Bank of China has granted Ireland an investment quota of €6.8bn, as part of the superpower's Renminbi Qualified Foreign Institutional Investor (RQFII) programme.

According to the Irish Independent, the quota allows financial institutions domiciled here to invest in China's domestic bond and equity markets using China's own renminbi (otherwise known as the yuan) currency.

It makes Ireland only the 17th jurisdiction outside of China to be granted the quota since the programme was launched five years ago.

The 50 billion renminbi quota should boost Ireland's attractiveness to foreign direct investment.

Minister for Finance Michael Noonan said:

"The fact the People’s Bank of China has generously granted Ireland this quota highlights the important role Ireland plays in international financial services.

"We are committed to growing real jobs in this important sector and this quota is a key contributor to ensuring the continued success of the IFS2020 Strategy."

Minister of State for Financial Services Eoghan Murphy called it "an important step in building closer bilateral cooperation with China in financial services."

"It will improve Ireland's funds services offering and our status as a major financial services centre," he continued.

"While given the uncertainty arising from the Brexit vote it has become more of an imperative for Ireland to continually improve the conditions to attract new investment and job creation in this sector."