China Opens Door to $97 Billion of Fund Sales Via Hong Kong
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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 ($97 billion), split evenly in each direction, regulators in China and Hong Kong said in a joint statement on Friday. The regulators will establish a way to vet funds, it said. The allocation was bigger than anticipated, according to Invesco Ltd., which oversaw $812 billion globally at the end of April.