BlackRock Asset Management North Asia has been granted a quota of RMB2 billion for its RQFII licence.

BlackRock Asset Management North Asia, the Hong Kong-based subsidiary of US headquartered investment group BlackRock, has received a RMB2 billion ($320 million) investment quota from Chinese authorities to invest in China's local capital markets. 

The licence from the State Administration of Foreign Exchange relates to the company's first Renminbi qualified foreign institutional investor licence received in March 2014, as previously reported. 

BlackRock received its first QFII licence for its subsidiary BlackRock Institutional Trust in July 2011, which was granted a quota of $100 million in June 2012. Its second QFII licence was handed to BlackRock AM North Asia in October 2012, with a $100 million quota.