ChinaAMC to manage China ETF

The first exchange-traded fund will follow the Shanghai Stock Exchange''s top-50 index.

China Asset Management ChinaAMC and the Shanghai Stock Exchange have been given the green light by regulators to introduce the country's first exchange-traded fund, which will track the bourse's SHSE 50 Index of the most capitalized stocks.

State Street Global Advisors is serving as ChinaAMC's advisor for the product. China AMC and Shanghai exchange officials could not provide a timetable for actually launching the fund, but this is the first time the China Securities Regulatory Commission has authorized an ETF.

SSgA and other market players have promoted the idea of an ETF as one means of helping China sell state-owned shares in listed...

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