When China announced last week that it had increased the amount that foreign funds can invest in Chinese equities and bonds, international investors had plenty of reasons for cheer.
The new regulations raised the maximum sum a single Qualified Foreign Institutional Investor (QFII) may invest from $800m (£489m, €537m) to $1bn, and shortened the lock-up period for insurers and pension funds to three months from a year.
But behind those headline changes, which are a boon for funds eager to tap into China's economic growth, there are signs that Beijing is tightening the rules on how foreign institutions use their allotted quotas.
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