China will not relax the current caps on foreign investment in its banks in the near term, having raised hopes last month by saying that a relaxation was being considered, the South China Morning Post reported. Yan Qingmin, a department director-general at the China Banking Regulatory Commission, said that foreign investors' combined holdings in a mainland bank will remain capped at 25%, with ownership by any single foreign investor staying at 20%. The news came as it was confirmed that China Construction Bank was close to selling US$8 billion worth of stock in its IPO, putting it on course to reach its funding target. Shares will begin trading on the Hong Kong stock exchange on October 27.