China’s State Administration of Foreign Exchange (SAFE) has awarded RMB2billion (US$320 million) investment quota to BlackRock’s Hong Kong subsidiary to invest in the domestic capital markets in China.
The proposed investment under China’s Renminbi Qualified Foreign Institutional Investor (RQFII) program will enable foreign investors to invest offshore yuan in Chinese stocks, bonds and money-market products.
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The New York-based asset manager, which received a license for the program in March, said that investors in Hong Kong, London, Singapore and France can apply for the program.
As per an older program known as the Qualified Foreign Institutional Investor program, the company can invest up to US$200 million in the domestic capital market.
Since the launch of program in 2011, Hong Kong money managers have been at the forefront of RQFII participation.
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