Temasek fund unit gets broader access to China markets
SINGAPORE May 26 (Reuters) - Fullerton Fund Management, the asset management unit of Singapore state investor Temasek Holdings (Private) Ltd, said it has been awarded a license that gives it more access to China's mainland capital markets, joining international funds like BlackRock.
Fullerton was granted Renminbi Qualified Foreign Institutional Investors (RQFII) status by the China Securities Regulatory Commission, the firm said in a statement.
The RQFII programme is part of China's move to liberalise its capital markets, improving two-way movement of investment money and allowing the yuan to trade more freely against other currencies.
The RQFII scheme was launched in 2011 in Hong Kong and later expanded to Taiwan, Singapore and London.
Fullerton also holds a Qualified Foreign Institutional Investor (QFII) licence since May 2012. QFII controls foreign access to Chinese financial assets through a quota system. (Reporting by Saeed Azhar; Editing by Matt Driskill)