Second renminbi MMF set for Hong Kong launch

ICBC-Credit Suisse Asset Management (HK) has told AsianInvestor about its plans to launch a renminbi-denominated money-market fund in Hong Kong this year. Originally the firm said it would be the first such product. However, HFT Investment Management actually launched the first RQFII money-market fund last April, as reported. Clearly there are a lack of cash management tools for the Chinese currency in Hong Kong, forcing investors to convert renminbi holdings into other…