Chinese banks have sold less than 3% of their Qualified Domestic Institutional Investor (QDII) quotas, the government has said. Since June, banks and fund managers have been allowed to spend a total of US$13.1 billion on overseas financial products but investors have taken only US$383 million of the nine products offered by banks, Bloomberg reported. The slow uptake is blamed on a limited choice of products - banks can only invest in bonds, money-market products and fixed-income derivatives - and the impact of yuan appreciation on foreign investment returns. However, Credit Suisse expects QDII outflows to rise significantly over the next year. Including investments made by insurers and pension funds as well as banks and fund managers, it believes outflows will rise from US$3 billion this year to more than US$10 billion in 2007.