China opens doors to 600b yuan of fund sales via HK
From July 1 foreign asset managers can tap China household savings
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Hong Kong
CHINA and Hong Kong will start cross-border sales of funds on July 1, widening access to financial markets and capital in the world's second-largest economy.
The initial quota will be a total 600 billion yuan (S$130 billion), split evenly in each direction, regulators in China and Hong Kong said on Friday. The regulators will establish a way to vet funds, it said. The allocation was bigger than anticipated, according to Invesco Ltd.
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