LONDON (Reuters) - BlackRock
A Renminbi Qualified Foreign Institutional Investor (RQFII) license 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 internationalizes its capital markets," Marc Desmidt, head of strategic product management for Asia Pacific, said in a statement.
The RQFII program is part of China's move to liberalize 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.
In January emerging markets-focused fund manager Ashmore
(Reporting by Simon Jessop; Editing by Chris Vellacott, Greg Mahlich)