China opens up to foreign cash

China said yesterday it will raise the total quota for its qualified foreign institutional investor scheme (QFII), a main channel for foreign investment in Chinese securities, by $50bn to $80bn, as the current programme nears its limit. Boosting the quota was done to "satisfy foreign investors’ investment demands, and move forward in promoting the stable development and opening of the domestic capital markets," the China Securities Regulatory Commission said. Beijing will also raise the ceiling on a scheme allowing investors to buy mainland securities using offshore yuan, by 50bn yuan.