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Fund rumors denied

By Hu Yuanyuan (China Daily)
Updated: 2008-04-02 09:41

Around 30 billion yuan ($4.28 billion) of fund capital flowed into the stock market in the first quarter, the securities regulator said yesterday, denying rumors that over 100 billion yuan in funds was cashed in.

By March 28 there were over 20 billion yuan of subscriptions for open-ended funds and a 10 billion yuan increase in closed-end funds, the China Securities Regulatory Commission (CSRC) said.

"All fund management companies will release their quarterly reports by April 20 and investors can make their own judgments then," a CSRC official, who declined to be named, said.

He was responding to a recent report in the 21st Century Business Herald that claimed over 100 billion yuan worth of funds was redeemed in the first quarter, citing a securities company report as the source.

"The report goes against the facts and is misleading to investors," the official said.

"There were some fund redemptions in the first quarter, but the amount hovered at around 17 billion yuan," the official said, adding the regulator has a very strict fund information release policy.

Some analysts said the regulator was seeking to stabilize the volatile market with yesterday's clarification.