J.P. Morgan Asset Management, an arm of U.S. bank J.P. Morgan Chase & Co., received permission from the Beijing city government to create a $1 billion RMB fund under the new Qualified Foreign Limited Partner program, people familiar with the matter said, allowing the U.S. firm to become the biggest foreign manager of a yuan-denominated fund to date.
As a QFLP license holder, J.P. Morgan Asset Management, which makes private-equity investments, can convert up to $1 billion worth of foreign investors' currencies into yuan for private investment in and around Beijing. RMB funds refer to funds denominated in renminbi, ... (이하 생략)
(인용: WSJ)