Five New Mutual Funds Approved in China

From Reuters via :

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

Industrial Fund Management Co, Chang Xin and Galaxy asset management companies 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 regulators gave approval for launches of new mutual funds, signally fund approval has become a routine due to volatility of the stock market,” the paper said.

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