Chinese mutual fund houses cutting exchange-traded fund (ETF) fees

Bloomberg (gated) with the info – in brief:

• Chinese mutual fund companies, including China Asset Management Co. and E Fund Management Co., are cutting management fees on equity ETFs from 0.5% to 0.15% and halving custodian fees to 0.05%.

• The fee cuts align with calls from Chinese authorities to support the stock market

• Bloomberg analyst suggests the “national team” (state-backed funds managing $92 billion in ETF investments this year) may have driven the fee reduction.

Mainland and Hong Kong index update:

This article was written by Eamonn Sheridan at www.forexlive.com.