BlackRock denies pulling out of China

Asset management giant BlackRock has denied media reports claiming that it is withdrawing from the Chinese market.

"Our commitment to the Chinese market remains steadfast," BlackRock said in a response. 

This came after BlackRock's announcement on August 31 to terminate the China Flexible Equity Fund, a China-themed offshore fund with a net asset value of only $21.4 million, ignited rumors that the asset manager is withdrawing its investment from China.

BlackRock said the fund liquidation is part of "routine fund management operation" as a company regularly evaluates its products to ensure that the interests of its investors are protected.