LONDON Jan 7 British investment fund manager
Ashmore Group has become the first Western company to
be granted a licence to invest directly in China's stock and
China has made moves towards opening up its capital markets
to international investors in recent years under a carefully
Last year it announced plans to expand to London and other
locations its Reminbi Qualified Foreign Institutional Investor
(RQFII) pilot programme, which allows foreign investors to trade
directly in its financial markets.
Under the programme, which was previously only available to
designated companies in Hong Kong, London-based asset managers
were given the right to buy up to 80 billion yuan ($13.2
billion) of stocks, bonds and money market instruments.
Ashmore has become the first fund manager outside of Hong
Kong to be granted the RQFII status by the China Securities
Regulatory Commission (CSRC), it said on Tuesday.
"China has been one of the most compelling, yet difficult
markets for investors to access," Ashmore's Head of Research Jan
Dehn said in a statement.
Dehn said the licence would give Ashmore's clients access to
China's fast-growing $4 trillion interbank bond market and its
$3.5 trillion A-shares equity market.
"Both these markets have traditionally been difficult for
international investors to access until now," he said.