The mainland's stocks rose to a new high on speculation the government will approve an additional US$6 billion quota for overseas investors to buy local-currency securities. China Minsheng Banking Corp led the advance.

The Shanghai and Shenzhen Composite Index, which tracks yuan-denominated A shares listed on domestic two exchanges, climbed 47.77, or 1.8 percent, to close at a record 2,764.03, according to Bloomberg today.

"A likely increase of the QFII quotas is great news to the market," said Lu Yizhen, who helps manage about US$640 million at Citic-Prudential Fund Management Co in Shanghai. "The government will keep adding QFII quotas at a controlled pace."

China is studying ways to expand the investment quota for foreign investors, the State Administration of Foreign Exchange's Director Hu Xiaolian told reporters in Beijing on March 5.

China Minsheng Banking Corp, the nation's fastest growing bank, rose 0.24 yuan, or 2.1 percent, to 11.88 yuan. China United Telecommunications Corp, which controls the nation's second- largest cell-phone operator, rose 0.12 yuan, or 2.3 percent, to 5.40 yuan. China Vanke Co, China's biggest publicly traded real-estate developer, increased 0.43 yuan, or 2.7 percent, to 16.66 yuan.

The Shanghai Composite Index, which tracks the bigger of domestic stock exchanges, added 1.6 percent to 3,122.81. The Shenzhen Composite Index, which covers the smaller one, rose 2 percent to 833.58. Both measures closed at all-time highs.

(For more biz stories, please visit Industry Updates)