The Hong Kong Special Administrative Region Government and the Monetary Authority today welcomed the announcement to increase daily quotas for stock connects between Hong Kong, Shanghai and Shenzhen.

Financial Secretary Paul Chan said: "This will facilitate the healthy development of Stock Connect, and facilitate international investors' access to the Mainland's stock markets and Mainland investors' access to Hong Kong's stock market, thereby reinforcing Hong Kong's status as an international financial centre.

"Hong Kong's capital markets will play a more significant role and make greater contributions in the two-way opening-up of the Mainland's capital markets to the rest of the world."

The authority's Chief Executive Norman Chan said: "Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are important mutual access arrangements between the Hong Kong and Mainland capital markets.

"They have been operating smoothly since launch. The expansion of daily quota will further enhance the smoothness and certainty of trading."

The authority added it will continue to monitor market developments and maintain close contact with Mainland authorities.