QDII: Chinese Investing in Global Markets
Aggregated Source: China Challenges
August 23, 2007|
Reuters reports:
China Asset Management Co. Ltd. plans to launch its first qualified domestic institutional investor (QDII) fund in September to raise 8 billion to 10 billion yuan ($1.06-$1.32 billion), a source close to the plan said on Tuesday.
China AMC, the country's largest mutual fund company, is one of four Chinese fund houses that received Beijing's approval this month to invest domestic clients' money in overseas financial markets under the QDII scheme, aimed at encouraging capital outflows and broadening investment alternatives for local investors.
"The QDII fund we are going to launch next month will mainly buy stocks listed around the globe," the source, who asked not to be identified, told Reuters.
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