HK SFC OKs 1st yuan fund
Source: Xinhua |
August 7, 2010, Saturday
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Print Edition
Print Edition
HONG Kong's Securities and Futures Commission yesterday said it has authorized the first yuan-denominated fund for sale to retail investors in Hong Kong to support the initiative to develop the city into an offshore yuan center.
Haitong Asset Management, the Hong Kong unit of Haitong Securities, said right after the SFC's statement that it will issue a yuan-denominated fund in Hong Kong.
The new fund is a retail open-end fund, requiring the least investment capital of 10,000 yuan (US$1,476). The fund will be used mainly to invest in yuan-denominated bonds.
Haitong said yuan-denominated bonds are attractive for investors because of their stable yields and yuan's expected appreciation.
Haitong Asset Management, the Hong Kong unit of Haitong Securities, said right after the SFC's statement that it will issue a yuan-denominated fund in Hong Kong.
The new fund is a retail open-end fund, requiring the least investment capital of 10,000 yuan (US$1,476). The fund will be used mainly to invest in yuan-denominated bonds.
Haitong said yuan-denominated bonds are attractive for investors because of their stable yields and yuan's expected appreciation.
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