BlackRock receives first RQFII licence from CSRC

16 April 2014   Category: News, Asia, China   By Asia Asset Management

BlackRock has been awarded its first renminbi qualified foreign institutional investor (RQFII) licence by the China Securities Regulatory Commission (CSRC).

The licence has been awarded to BlackRock Asset Management North Asia Limited, a subsidiary of BlackRock Inc, to invest in the domestic capital markets in China, including the A-Share equity and onshore bond markets. BlackRock will apply for investment quotas under the licence from the State Administration of Foreign Exchange (SAFE).

Marc Desmidt, head of strategic product management for Asia Pacific, said: “China is an important investment destination for our clients globally as it undergoes a pivotal transformation, and gradually internationalises its capital markets.

“The award of our first RQFII licence complements our two QFII licences and is recognition by the CSRC of our commitment to growing the BlackRock China business. We look forward to the award adding to the investment solutions we offer our clients.

BlackRock received its first QFII licence for its subsidiary BlackRock Institutional Trust Company in July 2011, receiving investment quota of US$100 million in June 2012. Its second QFII licence was awarded in October 2012, receiving in March 2013 an investment quota of $100 million.