China International Fund Management Co said yesterday it had gained regulatory approval to start an overseas-invested fund soon under the Qualified Domestic Institutional Investor scheme.

The fund will mainly invest in the stock markets in the Asia-Pacific region and will place between 60 percent and 100 percent of its assets in shares, the company said in a statement. The targeted markets will include Australia, South Korea, Hong Kong, India and Singapore, according to the statement.

Investments will also cover bonds, cash and other short-term financial tools. China in June allowed fund managers to push forward QDII products to help ease growth in the country's huge foreign-exchange reverses.

(Shanghai Daily October 9, 2007)