BlackRock Asset Management North Asia, a subsidiary of BlackRock, has secured its first renminbi Qualified Foreign Institutional Investor (RQFII) license from the China Securities Regulatory Commission (CSRC).
The license will allow the asset manager to invest in the domestic capital markets in China, including the A-Share equity and onshore bond markets.
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Additionally, BlackRock will apply for investment quotas under the license from the State Administration of Foreign Exchange (SAFE).
Marc Desmidt, head of strategic product management for Asia Pacific, said: "The award of our first RQFII license complements our two QFII licenses and is recognition by the China Securities Regulatory Commission of our commitment to growing the BlackRock China business. We look forward to the award adding to the investment solutions we offer our clients."
BlackRock received its first QFII license for its subsidiary, BlackRock Institutional Trust Company, with an investment quota of US$100 million in June 2012.
The second QFII license was then awarded in October 2012, receiving an additional investment quota of US$100 million in March 2013.
