ING and China Merchant JV launch Chinese Money Market Fund

Chinese money market investors to enjoy higher returns than US peers.

China's mutual fund industry takes another step forward this week with its latest innovation. For the first time, investors in China will be able to invest their cash in safe, liquid and low interest funds similar to the Money Market Funds in the United States.

One of the first to gain approval from the China Securities Regulatory Commission CSRC on December 10 was the fund management joint venture between ING Investment Management and China Merchant's Securities. Their new product, the China Merchant Cash Plus Fund launched on December 15.

This fund is targeted to fulfil a similar function to bank deposits but provide a more attractive rate of return, about two...

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