Mercuries Life's fund arm set to launch Taiwan's first yuan fund

TAIPEI Mon Jan 21, 2013 5:24am EST

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TAIPEI Jan 21 (Reuters) - Mercuries Life Insurance's fund unit is planning to launch Taiwan's first mutual fund denominated in Chinese yuan, company president said on Monday.

Fuh Hwa Investment Trust, 40 percent owned by Mercuries, is set to launch the fund in March, president C. Roy Meng told Reuters, without giving details. The launch is subject to Taiwan's regulatory approval.

The island's banks and fund houses are anxious to sell products in the yuan, after Taiwan and China are finally set to allow Taiwan banks to conduct renminbi (RMB) business on the island.

China and Taiwan signed a clearing system for transactions in each other's currencies in September, kicking off the last leg of an economic integration that has drawn the sides closer and helped lift trade to more than $160 billion annually. (Reporting by Emily Chan; Writing by Faith Hung; Editing by Simon Cameron-Moore)

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