Citigroup in China has launched a new yuan product under the qualified domestic institutional investor (QDII) programme.
The two-year structured investment account is linked to Dongfeng Motor Group, Air China, China Construction Bank, China Resources Land, Ping An Insurance, and China Mengniu Dairy.The move follows the bank’s first QDII offering, reported earlier this month.
"We will continue to develop and launch products such as this one," Citibank China vice president Anand Selvakesari told local news service AFX.
Minimum investment is ¥80,000 and it will be available in Shanghai, Beijing, Shenzhen and Tianjin until 23 June. The product is also available as a foreign currency offering in Guangzhou and Shenzhen, with a minimum investment of $10,000.
China launched the QDII programme last April. It has since increased quotas for financial institutions, while relaxing restrictions on the assets they are permitted to invest in.
