Today Thursday a new clearing system for Chinese mutual funds will be introduced in time for a new product launch by Shenzhen-based Rongtong Fund Management, which will in turn be sold by five securities houses. The represents a first for China, where mutual funds could only previously be purchased from the fund company itself, or its bank distributor.
Amid last year's hype about introducing China's first open-ended mutual funds, one aspect went unmentioned it's very difficult to buy one. Domestic business papers have run many stories about all the loops a customer has to jump through in order to buy funds.
The regulators, keen to support the new mutual funds industry, have quickly responded. The...
