www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Money

China's QDII funds boom faces bumpy road ahead

By Samuel Shen and Jacqueline Wong (China Daily)
Updated: 2010-12-20 13:37
Large Medium Small

SHANGHAI - China's asset managers are using speedy regulatory approvals to launch overseas investment funds despite flagging demand and lackluster returns for such products, probably leading to a shakeout in an important part of the nation's $350 billion funds industry.

About 20 funds have been launched this year under the Qualified Domestic Institutional Investor (QDII) program, which allows Chinese money to be invested overseas, bringing the total under the scheme to 30 now, triple the number at the end of last year, and some expect even more next year.

The funds, however, are not being launched because investors are clamoring for them. They are being introduced because Beijing has resumed giving the green light for them this year and has stepped up the pace of approvals with a view to getting the Chinese to diversify their assets.

But investors, who lost money in offshore funds during the financial crisis in 2008, are wary of them. Reinforcing that cautious view is the appreciation this year of the Chinese currency, which is discouraging them from taking foreign exchange risks through such investments.

"Investors remain cautious after they were burned by QDII products during the crisis, while the rising yuan also curbs demand," said Zeng Linghua, an analyst at fund consultancy Howbuy.

China launched its QDII scheme in 2006 to channel part of the country's $2 trillion savings abroad, but halted it two years later as global markets tanked during the financial crisis. It resumed the program this year as global markets stabilized.

Related readings:
China's QDII funds boom faces bumpy road ahead China to launch first fixed-income QDII fund
China's QDII funds boom faces bumpy road ahead E Fund QDII offering to debut next week
China's QDII funds boom faces bumpy road ahead QDII funds to receive new quotas
China's QDII funds boom faces bumpy road ahead Mainland fund assets set to top $1 trillion

Twenty Chinese fund houses, including the joint ventures of Credit Suisse, UBS and Deutsc]he Bank, launched QDII funds this year, thanks to speedy approval by China's securities watchdog.

"Regulators are apparently encouraging investor exposure to overseas assets to diversify risks," said Wu Xianxing, a fund analyst at Haitong Securities Co. "But fundraising is by no means easy after some investors were badly burned by QDII funds during the crisis."

New QDII funds launched this year raised 600 million yuan ($90 million) each on average, according to fund consultancy Z-Ben Advisors, in sharp contrast to the pre-crisis level of 30 billion yuan, reflecting slumping demand.

Moreover, massive redemptions that came immediately after the fund launches suggest that a large proportion of the fundraising comes from short-term institutional money lending temporary support to those QDII products, Z-Ben Advisors said.

For example, the UBS SDIC Global Emerging Market Fund saw its assets under management dive to 71.3 million yuan in September after raising 443.2 million yuan in June.

And the Bosera Greater China APAC Elite Fund, which raised 554.7 million yuan in July, saw its assets plummet to just 113.4 million yuan at the end of October. A steady appreciation of the Chinese yuan is hurting the QDII funds as investors prefer to park their money at home to take advantage of the currency's rise, Haitong's Wu said.

The yuan has risen 2.5 percent since China scrapped a nearly two-year peg to the dollar in mid-June, and analysts expect it to rise around 5 percent annually over the next few years. That is forcing China asset managers to launch their funds now before demand slows even further, according to Z-Ben Advisors. Some are offering more creative products to lure investors.

Reuters

 

主站蜘蛛池模板: 国产东北色老头老太性视频 | 国产精品青草久久久久福利99 | 日韩高清一级 | 亚洲国产成+人+综合 | 一区二区三区精品国产 | 国产精品久久久精品三级 | 成年女人在线观看片免费视频 | 一级毛片视频播放 | 99精品国产一区二区三区 | 欧美精选在线 | 最新精品亚洲成a人在线观看 | 色哟哟国产成人精品 | 免费看一级做a爰片久久 | 亚洲国产第一区二区三区 | 91成人在线免费视频 | aa日本| 免费看a级毛片 | 欧美成人亚洲欧美成人 | 日本欧美视频 | 大学生久久香蕉国产线观看 | 精品国产午夜肉伦伦影院 | 欧美日本一区二区 | 中文字幕无线码中文字幕网站 | 精品一久久 | 日韩欧美高清在线 | 国产日韩欧美一区二区 | 一级一级毛片免费播放 | 久久免费精品国产72精品剧情 | 日韩亚洲成a人片在线观看 日韩亚洲精品不卡在线 | 国产精品久久精品视 | 欧美成人免费sss | 成人99国产精品一级毛片 | 6080伦理久久精品亚洲 | 日韩美三级 | 在线观看亚洲精品专区 | 亚洲精品久久九九精品 | 中文字幕精品视频在线 | 国产精品成人免费视频不卡 | 久久99亚洲网美利坚合众国 | 特级毛片a级毛免费播放 | 国产日产精品_国产精品毛片 |