China's forex regulator announced it will scrap the investment quota restriction for Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII) for foreign institutional investors on Tuesday, in another move in opening up its financial market.

"Henceforth, foreign institutional investors with the relevant qualifications can simply register to remit funds to carry out investment in securities in compliance with regulations, greatly enhancing once again the convenience for foreign investors participating in the onshore financial market," the State Administration of Foreign Exchange (SAFE) said in a statement.

QFII lets funds invest onshore in China's yuan-denominated A-shares. The RQFII program gives investors access to Renminbi to invest directly in A-shares.

Since the implementation of the QFII and RQFII systems in 2002 and 2011 respectively, more than 400 institutional investors from 31 countries and regions have invested in China's financial market in this way.

The two programs have been important in the opening-up of China's financial market, according to SAFE.

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