BEA Union launches China HY fund amid declining issuance

Hong Kong-based BEA Union Investment is about to launch a China high-yield bond fund, though it is avoiding buying renminbi issues for the time being in light of uncertainty over the currency. This will further reduce the universe of assets available to it, especially given the recent heavy decline in dollar-denominated China HY bond issuance.    China HY dollar issuance halved last year to $8.4 billion from $16.5 billion in 2014 and continued to fall this year, according to Dealo…