Reuters - Tuesday, January 11SINGAPORE, Jan 11 - China's Lion Fund Management, which last month launched the first gold fund in the world's biggest producer of the metal, has met its goal of raising $500 million for the fund, the company said in a statement.
The company won regulatory approval for the fund under the country's Qualified Domestic Institutional Investor scheme, which allows Chinese money to be invested overseas. It plans to invest in gold-backed exchange-traded funds on the global market.
It was the biggest QDII fund in the last three years, thanks to investors' enthusiasm for gold, the company said.
Inflation worries and limited investment options have fuelled demand for gold from Chinese investors, especially as the precious metal staged a stellar record-breaking rally in 2010.
China, the world's biggest gold producer, is catching up with India, with demand this year expected to surpass 600 tonnes.
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