Five New Mutual Funds Approved in China

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China’s regulator has approved the creation of five new mutual funds, including three mainly for stock , in an effort to support the sagging domestic stock , a state newspaper said on Saturday.

Industrial Fund Management Co, Chang Xin and Galaxy asset management won approval for new stock funds on Friday, while two other firms, Huafu and Yimin, were given the green light to sell funds for bond investment, the official Shanghai Securities News said without giving the value of their products.

“This was the fourth Friday in a row since February 15 that gave approval for launches of new mutual funds, signally fund approval has become a routine due to volatility of the stock market,” the said.

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