Wendy Zhang/ Shanghai Daily news

The Industrial and Commercial Bank of China (ICBC), the country's largest lender, started to sell its first Qualified Domestic Institutional Investor (QDII) fund in Beijing, Shanghai, Shenzhen, Zhejiang, Jiangsu and Guangdong Provinces today to invest customer money overseas.
The Bank of China also announced last Friday that its first QDII fund has begun to accept sales reservations.
Each client will have to subscribe a minimum of 50,000 yuan (US$6,269) for the fund, which will then be converted into foreign currency and invested in overseas bills and money-market instruments with high investment grade ratings, according to the ICBC.
Investors should take the fluctuations of the yuan exchange rates against foreign currencies into account when buying such a fund, an industry analyst suggested.
At present, the BOC, ICBC, Bank of East Asia's Chinese branch, HSBC's Chinese Mainland branch, China Construction Bank and Bank of Communications have been approved for launching the fund under the QDII scheme. Among them, three banks - ICBC, BOC and Bank of East Asia's Chinese branch - won QDII quotas from the State Administration of Foreign Exchange of US$2 billion, US$2.5 billion and US$300 million respectively.
The other three banks are expected to launch their QDII funds next month.