China to double Singapore RQFII quota to 100b yuan

China will expand Singapore's Renminbi Qualified Foreign Institutional Investor (RQFII) quota to 100 billion yuan (S$22 billion) from 50 billion yuan now, China's central bank said in a statement posted on its website on Tuesday.

The plans were first announced last week by Chinese President Xi Jinping during his visit to Singapore.

This larger quota will allow more fund managers in Singapore to offer investors a wider range of RMB fund products. It will also help bring greater liquidity to China's capital markets and help to broaden their investor base.