Economy and Finance
GOLD CRAZY: New wave of Chinese money is set to slam the gold market
Lion Fund Management Co. will raise up to $500 million in China to invest in overseas exchange- traded funds backed by gold, the first in the country be approved to do so, a company executive said today.
The fund manager has received approval from the State Administration of Foreign Exchange and the China Securities Regulatory Commission, Yang Zi, an executive at Lion Fund’s marketing deparment said by phone from Beijing. Both retail and institutional investors can buy into the fund via banks, she said.
“We will be the first fund in China to offer an access to invest in overseas gold-backed ETFs,” Yang said. “Given the inflationary environment we are in right now, Chinese investors have great enthusiasm for gold investments.”
China doesn’t have a gold-backed ETF and investors normally buy physical gold jewelry, bars or coins, or invest through gold contracts traded on the Shanghai Gold Exchange, the Shanghai Futures Exchange or through banks.
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