Citi mandated for ChinaAMC’s unique ETF 05 September 2012Hong Kong Reporter: Georgina Lavers
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Citi has been mandated to provide trustee, fund administration and custody services in support of the launch of the China Asset Management (ChinaAMC) CSI 300 Index ETF.
In 2004, ChinaAMC launched China’s first ETF, the China 50 ETF. In mid-July of 2012, ChinaAMC launched its long-awaited Renminbi Qualified Institution Investor (RQFII) ETF, called the ChinaAMC CSI 300 Index ETF.
The ETF is the world’s first cross-border RMB-denominated and renminbi qualified foreign institutional investor (RQFII)-based ETF.
It invests directly in physical A-shares and is listed on the main board of the Hong Kong Stock Exchange.
The RQFII scheme was created with the aim of directing renminbi deposits held offshore back into mainland markets, making physical A-share ETFs eye-catching to investors uneasy about counterparty risk in synthetic products.
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