Hedge Funds

Renminbi-denominated funds make an entry into Hong Kong

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Hong Kong’s Securities and Futures Commission (SFC) has authorised the first renminbi-denominated fixed income mutual fund for sale to retail investors in the city, leading what is expected to be a stream of offshore investment products to be made available in the Chinese currency.

Hong Kong-based mutual fund manager Haitong Asset Management has launched this month the Haitong  Haitong Global RMB Fixed Income Fund, an open-end retail product with a minimum investment of CNY10,000 ($1,476) and total capacity of CNY5 billion.  Most of the fund will be invested in renminbi-denominated bonds. Haitong is a wholly owned subsidiary of Shanghai-based