SINGAPORE, Nov 9 — Singapore's RMB Qualified Foreign Institutional Investor (RQFII) quota for investment in Chinese financial markets will be doubled, Singapore's central bank said on Monday.

The Monetary Authority of Singapore said the city-state's quota under the RMB Qualified Foreign Institutional Investor (RQFII) scheme would be increased to 100 billion yuan (RM68.7 billion) from 50 billion yuan previously.

"This is in response to the strong interest by Singapore-based asset managers and investors to invest in China," the MAS said in a statement.

The RQFII programme is the yuan-denominated version of the Qualified Foreign Institutional Investor (QFII) scheme, which was created by China to allow foreigners to invest in Chinese capital markets.

The announcement came in the wake of a state visit by Chinese President Xi Jinping to Singapore last week to mark 25 years of formal diplomatic relations between the countries. — Reuters