Reuters leads competition on asset managers’ yuan funds push in HK

Reuters was ahead of rivals with news that at least 10 asset managers, including the fund unit of HSBC <BSBA.L> <0005.HK>, are preparing to launch yuan-denominated funds in Hong Kong, reflecting surging demand for yuan assets at a time when China is under increasing pressure to let its currency appreciate, and as Beijing plans to develop Hong Kong into an offshore yuan center to its international status. The growth in the yuan market is a major focus for our core clients, which are pouring resources into the sector. Bloomberg was forced to pick up the Reuters story about 2 hours later.