Ashmore Group Plc., an asset management company registered in London, has received approval from China’s securities regulator to join the renminbi qualified foreign institutional investor (RQFII) scheme, Shanghai Securities News reported Wednesday, citing Ashmore partner HSBC. The scheme gives international investors access to the Chinese onshore securities market and helps ease the repatriation of funds. Ashmore is the first asset manager to win such a license. It will work with HSBC which became the first onshore custodian bank to serve a London-based asset manager under the RQFII scheme.
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