UBS asks China to allow more foreign investment

Swiss banker UBS, the biggest broker of Chinese securities for foreign investors, is urging Beijing to boost China's sagging stock markets by raising the amount that foreign investors are allowed to invest in domestic equities and bonds, the Financial Times reported. A cap of US$800m applies to foreign investors under the Qualified Foreign Institutional Investor (QFII) rule, over China's concerns that the investments could be used as speculative vehicles on the yuan's revaluation.