China AMC's global fund 2 times subscribed

(Agencies)
Updated: 2007-09-28 10:51

The first global stock fund launched by China Asset Management Co (China AMC) was more than two times subscribed on Thursday when it drew over 62 billion yuan (US$8.25 billion) in demand, the Shanghai Securities News said on Friday.

The country's largest fund house has said it raised the targeted US$4 billion for the fund on the day of its launch for sale on Thursday, reflecting rising Chinese interest in overseas markets.

The fund is the second overseas stock fund launched by a Chinese fund house under the country's Qualified Domestic Institutional Investor (QDII) scheme, which is partly aimed at easing upward pressure on China's yuan currency.

China Asset has hired Baltimore-based T. Rowe Price Group Inc as its overseas investment adviser.

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