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MARKETS

BlackRock affiliate gets 11 billion renminbi RQFII quota

BlackRock (BLK) announced Thursday that one of its U.S. subsidiaries, BlackRock Fund Advisors, garnered an 11 billion renminbi ($1.6 billion) quota to invest in mainland capital markets under China's renminbi qualified foreign institutional investor program.

A BlackRock news release said the money management giant is the first firm in the U.S. to receive an RQFII quota since China's government set aside a 250 billion renminbi quota under the program for U.S.-based managers.

BlackRock affiliates in Hong Kong, Singapore and London had already received combined quotas of more than 24 billion renminbi.