Citi launches money market fund distribution service in China

Citi, ChinaAsset servicer Citi has begun offering money market fund distribution to its institutional clients in China. The service has been launched on the back of demand from local and multinational corporates for short-term instruments to better manage cash flow, according to Citi. The fund is RMB-denominated with onshore commercial paper, certificates of deposit, short-term government bonds and other money market instruments as underlying. Citi states that the short investment cycles of money market funds help corporate treasurers manage the current volatility. “With a RMB10 trillion market, China’s onshore money market funds provide many investment opportunities for Citi’s clients,” said Rajesh Mehta, Asia Pacific head of treasury and trade solutions at Citi. The first institutional client to avail of the service is French food company Danone. ©2022 funds global asia

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