Yuan liberalization and the opening up of China’s capital account are likely to attract $400 billion of overseas funds to the nation’s stocks and bonds over the next five years, Morgan Stanley estimates. In the most optimistic scenario, inflows could exceed $1.2 trillion if its markets are fully open, analysts led by Serena Tang wrote in a June 11 research note. China is easing capital controls as it pushes for the International Monetary Fund to include the yuan in its basket of reserve currencies at a five-yearly review in October.