DJ China Plans CNY500 Mln-CNY1 Bln Gold Invest Fund This Yr
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[February 08, 2006]

DJ China Plans CNY500 Mln-CNY1 Bln Gold Invest Fund This Yr

(Comtex Finance Via Thomson Dialog NewsEdge)SHANGHAI, Feb 08, 2006 (Dow Jones Commodities News via Comtex) --China plans to establish its first-ever gold investment fund this year to boost liquidity in the local gold market, China Gold Association said on its website Thursday.


The fund, which is planned to be issued through private placement or a public offering, will have a size of anywhere between CNY500 million and CNY1 billion, the website said.

The fund will be managed by China Gold Investment Fund Management Co., jointly being promoted by China Gold Association, several Chinese commercial banks and some of the large gold companies in the country. The management company will be set up within this year, according to the Web Site.


The fund will invest in 99.95% and 99.99% purity gold bullion, both traded under the deferred-settlement method on the Shanghai Gold Exchange.

According to the Web Site, the fund may also invest in international gold futures.

China currently bans local institutions from investing in international financial markets without government approval. Unless the rule is changed or special permission is given, the gold fund can't automatically invest in international gold futures markets, an analyst said.

-Zhu Hui contributed to this article, Dow Jones Newswires; 86-21-6120-1200; hui.zhu@dowjones.com

-Edited by Denny Kurien

(END) Dow Jones Newswires

02-08-06 2322ET

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