BlackRock Inc., the world’s largest money manager, received 20 billion yuan ($3 billion) of quota to invest in mainland Chinese stocks and bonds.
The State Administration of Foreign Exchange awarded the extra quota to BlackRock’s Singapore unit under the Renminbi Qualified Foreign Institutional Investor program, which allows institutions to raise yuan overseas for investment onshore. This is the second biggest cap given to asset managers outside Hong Kong. Vanguard Investment Australia Ltd. was awarded 30 billion yuan.
BlackRock entities now have a total $4.91 billion of quota obtained from Chinese regulators, according to an e-mailed statement.
— With assistance by Helen Sun