CSRC allows 8 foreign banks to sell mutual funds

CSRC allows 8 foreign banks to sell mutual funds 

The China Securities Regulatory Commission Overseas has approved the application of eight foreign banks to sell mutual funds in the mainland. Citigroup, Standard Charted Bank, DBS Bank, Bank of East Asia, Hang Seng Bank, and Nanyang Commercial Bank are six of the eight overseas banks given the license to distribute funds in mainland China. Meanwhile Citibank China revealed that it sold its initial fund products of Manulife Teda Fund Management Co and Invesco Great Wall Fund Management Co at its Shanghai outlet after its business was officially launched on 2 July, according to Chinese state run media.

China, the world’s 2nd largest economy, continues to be the most important market for companies looking for growth and Chinese companies continue to globalize by investing and selling their products in new markets; what is your company’s strategy for engaging China?

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