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China will unveil a plan this year to let qualified domestic institutional investors invest in a wider range of overseas products, its top banking regulator said on Tuesday, expanding a program that allowed domestic investors to buy foreign securities.

Liu Mingkang, head of the China Banking Regulatory Commission, also told reporters that caps on foreign investment in local lenders were "appropriate" -- a seeming response to speculation that Beijing would soon relax rules limiting a single overseas investor to owning 20 percent of a local bank.

Liu later said in a luncheon that he expected to see Chinese banks' non-performing loan ratio drop to below 5 percent in 2008. The NPL ratio stood at 7.5 percent in 2006.

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