China's financial market in July had a mixed reaction to publicly-offered mutual funds as open-end stock funds and hybrid funds saw widespread redemption over the past month while open-end money market funds and bond funds were greeted with considerable enthusiasm by investors.
According to data released by Asset Management Association of China on Monday night, net asset value of China's publicly-offered mutual funds shrank 3.35 percent on a monthly basis to 6.88 trillion yuan at the end of July, of which 161.31 billion yuan were close-end funds and the remaining 6.7 trillion yuan were open-end funds.
Among the open-end funds, by end-July, the number of shares of stock funds and hybrid funds outstanding fell 17.87 percent and 23.45 percent, respectively, compared with end-June, while at the same time, the number of shares of money market funds and bond funds outstanding rose 33.53 percent and 14.96 percent. Industry insiders said such a mixed performance of mutual funds was mainly due to recent suspension of IPOs in China's stock market.
Latest comments