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ARTICLE · 03 OCTOBER 2012

RMB funds and related product trends

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RMB funds are still developing, but the number of RMB products available for investment has increased significantly.

ChinaFinance and Banking

By Alwyn Li

Since the launch of the first Renminbi (RMB) denominated fixed income fund in mid-2010, we have seen a number of developments. So far, RMB denominated funds that have been authorised for sale to the public in Hong Kong are primarily regulated by the Securities and Futures Commission (SFC). At the outset, RMB denominated funds could only offer units denominated in RMB and the underlying investments were entirely denominated and settled in RMB.

As the RMB market opens up and more RMB related investments become available, we have seen a number of relaxations and new developments. Towards the end of 2011, RMB denominated funds were able to start offering classes of units denominated in other major currencies, such as HKD and USD. In addition, in early 2012, the permissible investments for RMB denominated funds were expanded to allow an RMB denominated fund to invest a limited portion of its assets in non-RMB denominated investments. At least 70% of an

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