BlackRock’s China challenge a red flag for Biden

Janet Yellen, the soon-to-be US Treasury secretary, wasted no time telegraphing Joe Biden’s plans to be tough on China. Events at BlackRock Inc, though, demonstrate how much of an uphill slog the new president faces. As Donald Trump exited the White House, news dropped that the US investment giant had vacated the top spot for exchange-traded funds tracking onshore stocks. The new numero uno in the space? China Asset Management (Hong Kong) Ltd. Such funds are popular with China bulls amid US sanctions and other clampdowns on China. As of Tuesday, the day before Biden took office, CAM’s CSI 300 Index ETF had … (full story)

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