ETF market hits record 6 trln yuan

The combined scale of China's exchange-traded funds has hit a record 6.02 trillion yuan ($855.6 billion), up more than 2.2 trillion yuan from the end of last year, Shanghai Securities News reported, citing data from Choice, a financial information provider. China introduced its first ETF in 2004. The market has expanded rapidly in recent years, with total ETF assets exceeding 4 trillion yuan in April this year and topping 5 trillion yuan in August. Large ETFs have grown rapidly, with the number of funds managing over 10 billion yuan increasing to more than 120, up from just 66 at the end of last year.

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 27 pips to 7.0331 against the US dollar on Monday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

Xinhua - China Daily