Starting from May 1, China will further expand daily quotas for its Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect in the latest move for wider market opening-up, the China Securities Regulatory Commission (CSRC) said Wednesday.

The daily southbound quotas for each of the Shanghai-Hong Kong and Shenzhen-Hong Kong connects will be quadrupled to 42 billion yuan (about 6.67 billion U.S. dollars), according to Gao Li, the CSRC spokesperson.

Meanwhile, the daily northbound quota, which allows investors in Hong Kong to buy shares in the mainland, will be quadrupled to 52 billion yuan, Gao said.

The arrangement of daily quotas has helped maintain stock market stability, Gao said.