China tipped to allow daily cross-border capital transfers
State council to make the change from a weekly basis
China's state council is on the verge of allowing foreign investors to repatriate funds on a daily basis in a significant step towards opening up the country's capital account, according to reports.
Foreign firms invest in Chinese stocks and bonds primarily through a quota system known as the Qualified Foreign Institutional Investor (QFII) scheme. Under the current set-up, however, investors are only allowed to move money in and out of China once a week, making many reluctant to use their quota
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