Hong Kong has just seen the launch of a potentially
ground-breaking new multi-strategy renminbi-denominated fund
betting on a steady appreciation of the Chinese currency
against the US dollar.
The CSI RMB Fund will employ strategies in FX, credit and
interest rates to grow, making it one of the most sophisticated
RMB-denominated strategies yet to come into the market.
The fund's advisor, CITIC Securities International
Investment Management (CSIIML), which is the asset management
arm of CITIC Securities International in Hong Kong, says it
hopes to scale the fund, which targets an annual return of
10%-20%, to an asset size of $1 billion.