J.P. Morgan Asset Management, a unit of US bank J.P. Morgan Chase & Co (JPM.NYSE), has received approval from the Beijing city government to create a US$1 billion renminbi-denominated fund under China’s Qualified Foreign Limited Partner program, The Wall Street Journal reported, quoting people familiar with the matter. The QFLP license will allow the asset investment unit to convert up to US$1 billion of foreign investors’ currency into yuan to invest in and around Beijing and makes the US firm the biggest foreign manager of an RMB fund to date. The US$1 billion represents one-third of the city’s QFLP quota of US$3 billion. People familiar with the situation said that the fund, to be called the JPM China Private Equity Fund, would be set up as a joint venture with the Beijing city government and will invest in a variety of sectors, from consumer services to technology.