每日时讯英文阅读：WHATEVER HAPPENED TO THE WALL OF CHINESE MONEY?

Whatever happened to the wall of Chinese money? asks Garry Evans, pan-Asia strategist at HSBC.

“Last November, after our first marketing trip to Chinese Qualified Domestic Institutional Investor funds, we predicted that in 2008, $144bn of QDII funds would be set up which, added to China Investment Corp and insurance companies' overseas investments, would produce a total of $246bn in portfolio outflows for the year,” he says.

“The poor performances of the Chinese and Hong Kong stock markets subsequently have blown a hole in that forecast.”

He says that as a result, the China Securities Regulatory Commission (CSRC) has approved just three new QDII funds this year – and these have raised only paltry amounts from nervous retail investors.

But Mr Evans says the story has not gone away. “While most QDII fund managers remain cautious about the outlook, all are gearing up to launch new funds towards the end of the year.

“There are headwinds, of course, not least the appreciation of the renminbi, which has risen 9.6 per cent over the past year. This makes the performance of global equities over the past few years look significantly less impressive when seen through Chinese eyes than when measured in US dollars.

“China has $2,400bn of household savings; some of this will flow into global markets over the next few years, making a significant impact.”