American fund manager BlackRock has secured its first Renminbi Qualified Foreign Institutional Investor (RQFII) licence from the China Securities Regulatory Commission.

The licence, which has been granted to BlackRock’s subsidiary BlackRock Fund Advisors, will allow the firm to invest in mainland China’s domestic capital markets.

It will also allow certain BlackRock-managed funds to apply for investment quota under the licence from the State Administration of Foreign Exchange (SAFE), including iShares ETFs.

BlackRock chairman of Asia Pacific Ryan Stork said: “As a leader in cross-border investment, we welcome the decision made by the Chinese government to further expand and encourage international investors’ participation in its domestic capital markets.

“China is an important market for our clients globally and will only grow in importance as it continues to transform and internationalize its capital markets. The ongoing progress helps investors access one of the most important investment destinations in the world. BlackRock supports such progress and looks forward to future developments.”

BlackRock global head of iShares and index investing Mark Wiedman said: “The first US RQFII license is a milestone for BlackRock and our iShares ETFs.  We move closer to our goal of offering direct Chinese stock and bond exposure in iShares to clients anywhere in the world.”

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