Fidelity and JPMorgan get China nod for cross-border funds
China approved Fidelity and JPMorgan funds for cross-border investment today. This move helps investors diversify while potentially easing pressure on the yuan.
Fidelity International and JPMorgan Asset Management have secured regulatory clearance to offer cross-border investment products to mainland investors. The move comes as authorities in China seek to facilitate global asset allocation while managing currency pressures.
Fidelity International confirmed it received approval to market the Fidelity Global Investment Fund - Hong Kong Bond Fund. This product falls under the Mutual Recognition of Funds (MRF) framework, allowing funds based in the special administrative region to be sold to mainland clients. While JPMorgan Asset Management also received the green light for an MRF product, specific details regarding its offering were not immediately disclosed.
