BlackRock gets regulators' nod to set up China mutual fund unit

BlackRock gets regulators' nod to set up China mutual fund unit

FILE PHOTO: The BlackRock logo is seen at the BlackRock Japan headquarters in Tokyo, Japan, October 20, 2016. REUTERS/Toru Hanai/File Photo

BlackRock has become the first global asset manager to win regulatory approval to set up a mutual fund unit in China, as Beijing throws open its 17.7 trillion yuan (1.9 trillion pounds) sector.