Money

China may allow yuan stock funds in HK

(Agencies)
Updated: 2010-06-29 10:34

Five to six Chinese brokerages and fund management companies may on a trial basis win approval to set up yuan-denominated funds in Hong Kong that invest in the mainland stock market, the China Securities Journal reported Tuesday, citing an unidentified person.

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The combined size of the funds in the first phase of the trials may be about 10 billion yuan ($1.47 billion) before being increased, the Beijing-based newspaper reported.