BEIJING, April 29 -- The State Council, China's Cabinet, has approved expansion of a trial of RMB Qualified Foreign Institutional Investors (RQFII) to Luxembourg, the central bank announced Wednesday.

According to a notice released by the People's Bank of China (PBOC), the RQFII quota is now 50 billion yuan (8.17 billion U.S. dollars).

The PBOC said the move will help domestic capital go global and facilitate bilateral trades.

Launched in 2011, the RQFII is aimed at widening investment channels for overseas yuan-denominated investment on the Chinese mainland's capital market.

The pilot program so far has covered areas including Hong Kong Special Administrative Region, Britain, Singapore, France, the Republic of Korea (ROK), Germany, Qatar, Canada and Australia.