JPMorgan Chase & Co. unit JPMorgan Asset Management received a new quota for China's Qualified Domestic Limited Partners, or QDLP, program, while several other asset managers are expecting similar allotments, Financial Times reported March 27, citing "three people familiar with the situation."
The U.S.-based bank received a US$50 million quota in January, one of the sources said.
Meanwhile, China's State Administration of Foreign Exchange, or SAFE, is expected to approve a quota for BNP Paribas Asset Management Inc., another person said.
Reuters reported in February that China resumed the QDLP program, which was suspended in 2016 due to the foreign exchange regulators' concerns over capital outflows and yuan depreciation.
JPMorgan Asset Management declined to comment, the publication said. SAFE, which issues QDLP quotas, and the Shanghai Financial Services Office, which licenses foreign asset managers for participation in the program, did not answer Financial Times' faxed requests for comment.