China agreed on Tuesday to allow an 80 billion yuan quota for London-based institutional investors to invest in stocks, South China Morning Post reported. London has now become only the second city, after Hong Kong in 2011, to be allowed to invest directly in domestic securities in China. Under the renminbi qualified foreign institutional investor (RQFII) scheme, they will be able to apply for licenses to invest yuan directly into the mainland. The new deal follows a 200 billion yuan currency swap deal in June between the People’s Bank of China (PBOC) and the Bank of England.