Full coverage: 8th China-U.S. S&ED & 7th CPE

China will grant the US a 250 billion yuan, or 38 billion dollar, quota under its Renminbi Qualified Foreign Institutional Investor program.

That was the word Tuesday from central bank vice governor Yi Gang at the Strategic and Economic Dialogue. The renminbi program known as RQFII was launched in 2011 and lets institutions use offshore yuan to buy securities in the mainland.

The new quota will significantly expand the program, which stood at 501.77 billion yuan at the end of the May, and US firms account for 29 billion yuan.