As China continues to open up to foreign capital, BlackRock has won another quota from the country.

US-listed investment titan BlackRock has won an additional quota of RMB20 billion ($3.04 billion) under China’s regime encouraging foreigners to put money into its economy.

The firm’s Singapore-regulated entity is being awarded the added quota under the Renminbi Qualified Foreign Institutional Investor programme. The award was granted by China’s State Administration of Foreign Exchange. The total quota for BlackRock entities stands at $4.91 billion, the firm said yesterday. 

“The ongoing programme of capital markets reform is vital to international investors wishing to gain access to the world’s second largest economy, notably the steps taken to broaden global investors' participation in onshore fixed income and equity markets. We encourage such progress, and importantly, look forward to future reform developments,” said Ryan Stork, chairman, Asia-Pacific.

The BlackRock entities concerned with the quotas are: BlackRock Institutional Trust Company, $250 million; BlackRock Asset Management North Asia, $1 billion; BlackRock (Singapore), $3.04 billion; BlackRock Asset Management North Asia, $304 million, and BlackRock Advisors (UK), $319 million. 

BlackRock’s total assets under management at the end of March this year stood at $4.737 trillion, making this firm the largest listed asset manager in the world.