China’s Mutual Recognition Scheme Draws Applicants
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Eleven international asset managers have applied to take part in China’s mutual recognition of fund scheme as regulations restricting the flow of money between Hong Kong and the mainland are loosened.
Some fourteen Chinese funds have applied to sell their wares in Hong Kong, bringing the total number of applicants to 25, Ashley Alder, the Securities and Futures Commission’s chief executive officer, said. BOCHK Asset Management Ltd., the Hong Kong-based asset manager of Bank of China Ltd., is among them, applying for a license to market its flagship high-yield bond fund to mainland investors, Ben Yuen, BOCHK’s head of fixed income, said Friday.