BlackRock's Singapore affiliate garnered an additional quota capacity of 20 billion renminbi ($3.04 billion) on Monday for investment in China's capital markets under that country's renminbi qualified foreign institutional investor program.
BlackRock said in a news release Tuesday that the latest award more than doubles the firm's scope to invest on the mainland on behalf of global investors — under both the RQFII program and China's older qualified foreign institutional investor program — to $4.91 billion from $1.87 billion.
Ryan Stork, BlackRock's Hong Kong-based chairman, Asia-Pacific, said in the release that the new quota will help BlackRock meet growing demand from the firm's clients for exposure to mainland stocks and bonds.
Mr. Stork couldn't be reached for further comment.
