New funds approved to boost markets

China's securities regulator has approved the creation of three new mutual funds to raise a combined 30 billion yuan. The is the 4th approval of new funds in a month.

CITIC Prudential Fund Management, Fullgoal Fund Management and Wanjia Asset Management have each been given the green light. They are in principle free to invest in both stocks and bonds. The 3 firms will be allowed to raise roughly 10 billion yuan each.