Funds News
- ICBC raises 4.45b in biggest QDII fund
Date: 4-Jul-2007 Sources: (Shenzhen Daily)
INDUSTRIAL & COMMERCIAL Bank of China Ltd. said Monday it raised 4.45 billion yuan in the country's biggest overseas investment fund to date under a program aiming to encourage Chinese to invest more abroad.
Following the fund's close Friday, ICBC plans to offer Chinese investors another fund this month that includes investments in overseas stocks, China's biggest bank by assets said in a statement. The program, known as the Qualified Domestic Institutional Investor (QDII) program, is an attempt by the government to channel more funds overseas to ease appreciation pressure on its currency, the yuan, and reduce domestic liquidity that has pushed China's domestic stock market to record highs this year.
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