JP Morgan Asset Management introduces its first RMB-linked share class to existing Asian fund.

JP Morgan Asset Management has launched a new Renminbi-linked fund in its first attempt to bring the currency class to its investors. 

The JPMorgan Asia Equity Dividend Fund is the first RMB share class introduced by the firm among its fund ranges, it said in a statement. Prior this launch, the fund has been offering eight currency choices, namely US dollar, Hong Kong dollar, Australian dollar hedged, Canadian dollar hedged, Euro hedged, GBP hedged, NZ dollar hedged and Singapore dollar hedged classes. 

"The need for RMB products is evident from the internationalisation of the currency accompanied by the rapid growth of RMB deposits in Hong Kong since 2010. This launch provides investors with an option for investing their RMB holdings in a proven Asian investment strategy for the longer term," said Eddy Wong, head of intermediary business at JPMAM.

The minimum investment amount with the new share clas is RMB16,000 (approx $2,500) and subscriptions can be done through any RMB bank accounts. The JPMorgan Asia Equity Dividend Fund invests in Asia-Pacific ex-Japan opportunities, covering selected Asian stocks and real estate investment trusts.