Cross-border ETFs raise 9.3b yuan

The first batch of Chinese cross-border exchange-traded funds and its feeder funds have raised 9.3 billion yuan ($1.46 billion), according to announcements by the funds.

ChinaAMC-Hang Seng and its feeder fund have raised 4.44 billion yuan, while eFunds–Hang Seng and its feeder fund have raised 4.84 billion yuan.

An ETF is an investment fund traded on stock exchanges, much like stocks. The introduction of the cross-border ETFs comes as the central government approved the establishment of a "mini-Hong Kong" zone in the city of Shenzhen last month to test out allowing yuan to flow more freely to and from neighboring Hong Kong.