Italian asset manager Azimut has rolled out its first Ucits III-compliant fund in Europe to offer direct exposure to China’s currency, Asian Investor reports. The Renminbi Opportunities fund will invest in CNH bank deposits and government and corporate bonds in the CNH market.

The firm, through its fund, will focus on European firms with industrial and commercial relationships in China, providing them with RMB-denominated instruments in which to park their currency. The new fund is a sub-fund of Luxembourg-based multi-fund AZ FUND, run by AZ Fund Management.

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