ICBC and BoC introduce first foreign currency funds for Chinese investors
NEWS
ICBC, China's largest lender, and BoC, its biggest foreign-exchange bank, opened the foreign currency-denominated funds to domestic investors late last month.
The funds will contribute to the banks' qualified domestic institutional investor (QDII) scheme that enables banks to invest money in foreign currency. ICBC's quota is US$4.8 billion and BoC's is $2.5 billion. The funds will be marketed to the bank's domestic clients around the country.
Easing pressure
The simultaneous launches represent
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