BlackRock awarded second license for access to China markets
Monday, 30 June 2014 00:00
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LONDON (Reuters): BlackRock, the world’s biggest asset manager, said its UK arm had been awarded a license to invest directly in China’s mainland capital markets, giving investors access to its stock and bond markets.
In a statement on Friday, the company said the China Securities Regulatory Commission (CSRC) had granted a Renminbi Qualified Foreign Institutional Investor (RQFII) license to BlackRock Advisers UK.
The RQFII program is part of China’s move to liberalize its capital markets, improving two-way movement of investment money and allowing the Chinese currency 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.
BlackRock in April announced its first RQFII license, granted to its North Asian business.
