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