China's State Post Bureau will begin selling mutual funds for the first time, reports the China Daily. The bureau plans to allow approximately 2,300 outlets to serve as agents selling the Dacheng 2020 Life Cycle Fund, managed by Dacheng Fund Management.
China has begun training its postal employees on how to sell the fund. If the program is successful, it will begin offering other funds.
The Chinese have banked with the post office for years, and as the bank has been unprofitable, China will separate the bank from the post office in six months. Analysts said that by extending the bank's offerings to include not just insurance and debit cards but mutual funds as well could boost its revenue stream.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.