China Fund Managers Plan Overseas ETF Products
11-04 14:28 Caijing
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Full article in Chinese: http://www.caijing.com.cn/2009-11-02/110301535.html
» Chinese fund managers are developing overseas exchange-traded fund products (ETF) in response to the decision by the State Administration of Foreign Exchange (SAFE) to grant overseas investment quotas to two companies.
» SAFE, the regulator of China's foreign investments, granted overseas investment quotas of US$ 1 billion to E Fund Management and US$ 500 million to China Merchants Fund on Oct. 23. It is expected to grant further quotas this year.
» Fund Managers including Penghua Fund Management Co. and China Asset Management Co. are preparing to launch new ETFs as soon as next year.
» The emergence of these exchange-traded funds could lead to capital flight, but the new funds will still be subject to regulations and quotas on the foreign exchange that govern the Qualified Domestic Institutional Investors (QDII). The overseas ETF operations are included under the total QDII quotas.
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