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.