Singapore-based Fullerton Fund gets RQFII license

The Singapore-based Fullerton Fund Management has received RMB Qualified Foreign Institutional Investors (RQFII) status from the China Securities Regulatory Commission, it said Monday. The qualification will allow the Temasek-linked firm to tap offshore renminbi deposits for investments in China's domestic stock and bond markets under the RQFII scheme. The repatriation of funds will be easier and the investment guidelines are also more flexible. Manraj Sekhon, Fullerton's chief executive and chief investment officer, said that he expects international demand for RMB- denominated assets to increase as China continues to liberalize its markets and capital account. "Having an RQFII licence will provide unprecedented opportunities to participate in China's growth," he said. Fullerton has held a Qualified Foreign Institutional Investors (QFII) licence since May 2012. Under the QFII scheme, foreign institutions raising funds in foreign currencies offshore can convert the money into RMB to invest in China-listed A shares.