Haitong launches Hong Kong's first retail RMB fund
The Chinese asset manager launches a fixed-income renminbi fund that is set to be the first of many such vehicles.
With Hong Kong looking to establish itself as an offshore renminbi centre, Shanghai-based Haitong Asset Management (HK) yesterday announced the launch of the first retail RMB fund in the territory.
The Haitong Global RMB Fixed Income Fund launch -- which will formally take place on Wednesday (August 11) -- follows last month’s move to relax the rules on renminbi accounts, settlement and trading in Hong Kong and China's announcement in June that it would depeg the RMB from the dollar
H…
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