The China Securities Regulatory Commission has granted the Renminbi Qualified Foreign Institutional Investor (RQFII) licence to JPMorgan Asset Management Singapore.
With the licence, the company’s Singapore division will be able to trade offshore renminbi funds in securities markets of China within approved quota.
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JPMorgan Asset Management Singapore CEO Steven Billet said, "It will help us meet the growing demand of investors for Chinese bonds, stocks and money-market instruments."
The unit will now apply to the State Administration of Foreign Exchange for securing an RQFII investment quota which would enable it to increase its range of renminbi product offerings to its clients.
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