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China to open retail mutual fund market to foreign private asset managers

China will open its retail mutual fund sector to foreign private asset managers, Reuters reported Aug. 9, citing the Asset Management Association of China, an industry body supervised by the securities regulator.

The industry body did not say when the new policy would become effective.

China currently only allows foreign asset managers to sell to high-net-worth and institutional clients, the report added. Non-Chinese asset managers can sell mutual funds in the country only through joint ventures with local partners.