China OK's Dollar Fund.

(From SinoCast China Financial Watch)

SHANGHAI, August 23, SinoCast -- The government-backed Hua An Fund Management Co. just won the regulatory nod to launch a fund product under the Qualified Domestic Institutional Investor (QDII) scheme. The fund, the first QDII fund product, is to be managed jointly by Hua An and New York-based Lehman Brothers. The US financial giant is to offer investment suggestions and to manage the fund at overseas equity markets but all the investment decisions are to be up to Hua An, told officials at the Shanghai-based fund manger. The product is to be denominated in the US dollar and collected via a private placement. Home investors, both …