Mutual fund accounts soar in August

Retail investors opened a record number of mutual fund accounts in August, according to figures from China Securities and Clearing Company (CSCC). Newly opened mutual fund accounts reached 5.12 million in August, six times that in July. The rush came as citizens became more willing and eager to seek profit from China's robust stock market, Xinhua reported (in Chinese). According to Wind Info, a Chinese financial service provider, interim reports of mutual funds showed that individual investors accounted for 88% of total fund holdings, while institutional investors accounted for the remaining 12%.