Citi the first to distribute global funds in China

Citibank has been given approval by the China Banking Regulatory Commission to introduce global mutual funds to mainland Chinese investors through its onshore branch network, says Anand Selva, Shanghai-based executive vice president at the bank.ChinaÆs qualified domestic institutional investor (QDII) program, launched in 2006, was bolstered in May when the CBRC allowed commercial banks operating onshore to include Hong Kong-authorised mutual funds in their QDII offerings, effectively …