Dutch firm ING Group's mainland fund JV and two domestic fund managers won regulatory approval to launch China's first money-market funds.
The approvals expand the narrow range of low-risk fund products available to Chinese investors and signal an improvement in co-ordination between the country's securities and banking regulators, analysts said.
With stock indices that have been among the worst performing in the world this year and low domestic interest rates, there is a huge demand for low-risk investment alternatives in China.