Yi Gang, governor of the People's Bank of China, speaks at the Boao Forum for Asia Annual Conference 2018 on April 11. [Photo by Zou Hong/chinadaily.com.cn]

Daily quotas for the stock connect schemes between the mainland and Hong Kong will be quadrupled starting May 1, according to Yi Gang, governor of the People's Bank of China, speaking on April 11.

The Shanghai-Hong Kong Stock Connect was the first to implement the new arrangement.

Its daily northbound quota will be lifted to 52 billion yuan ($8.3 billion) from 13 billion yuan, and its southbound quota will be increased to 42 billion yuan from 10.5 billion yuan.

A leader of the Shanghai Stock Exchange said that the increase of daily quotas will better satisfy overseas institutional investors' desire to invest in A shares and will be conducive to the development of the two cities' capital markets.

Under the guidance of the China Securities Regulatory Commission, the exchange will cooperate with the Stock Exchange of Hong Kong and the China Securities Depository and Clearing Co to ensure the steady operation of the stock connect scheme and the further opening up of China's capital market, added the leader.

The Shanghai-Hong Kong Stock Connect, launched in November 2014, gives international investors unprecedented access to shares on the Chinese mainland. Over the past three years, its trade volume has reached 7.8 trillion yuan.

Authorities celebrate the launch of the Shanghai-Hong Kong Stock Connect on Nov 17, 2014. [Photo/chinadaily.com.cn]