JP Morgan Asset Management (Singapore) has received a Renminbi Qualified Foreign Institutional Investor licence from Chinese regulators, enabling its clients to tap into Chinese bonds, stocks and other assets and follows a similar move in Hong Kong a year ago.

JP Morgan Asset Management (Singapore) has received a Renminbi Qualified Foreign Institutional Investor licence from Chinese regulators, enabling its clients to tap into Chinese bonds, stocks and other assets and follows a similar move in Hong Kong a year ago.

The US-headquartered firm was granted the RQFII licence from the China Securities Regulatory Commission. Other firms such as Baring Asset Management, Ashmore Group, BlackRock and BNP Paribas have received quotas.

The licence comes at a time when, despite recent market pullbacks and heightened global volatility, China’s markets continue to be a key area for asset managers, Steven Billiet, chief executive of JP Morgan Asset Management (Singapore), said.

“Although we expect downward pressure on the Chinese economy from the slowing property market and the corporate de-leveraging, we see domestic consumption and exports to a recovering US economy, supporting top line growth and China enjoying renewed investor interest,” he continued.

The RQFII licence in Singapore the firm’s successful application in Hong Kong, where the firm received a RMB1 billion investment quota from public authorities in January last year.