LONDON, April 16 BlackRock, the world's
biggest asset manager, said it had been awarded a licence to
invest directly in China's mainland capital markets, giving
investors some access to its stock and bond markets.
A Renminbi Qualified Foreign Institutional Investor (RQFII)
licence was given to BlackRock Asset Management North Asia
Limited, the company said on Tuesday, and it will now apply for
a quota to determine how much money it can invest.
"China is an important investment destination for our
clients globally as it undergoes a pivotal transformation, and
gradually internationalises its capital markets," Marc Desmidt,
head of strategic product management for Asia Pacific, said in a
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
The RQFII scheme was launched in 2011 in Hong Kong and later
expanded to Taiwan, Singapore and London.
In January emerging markets-focused fund manager Ashmore
became the first UK-based asset manager to be awarded
an RQFII licence, part of London's drive to become a hub for
offshore yuan trade.
(Reporting by Simon Jessop; Editing by Chris Vellacott, Greg