China is expected to launch its first bank-run fund in July, less than a month after the government gave the go-ahead to the country's first bank-operated fund-management company.

According to Shen Bingxi, deputy director of the central bank's financial market division, a bank-run fund product will hopefully come out next month. Shen added that yuan-denominated bonds issued by two overseas institutions would also soon become available.

Earlier in June, regulators approved the country's first bank-run fund management company, a tie-up between the Industrial and Commercial Bank of China and Credit Suisse First Boston. Two other banks, including top property lender the Bank of Communications, are preparing similar ventures.

(CCTV.com June 27, 2005)