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3 funds approved to counteract falling stock market
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China's securities regulator has approved the issue of three new funds, an apparent move to shore up the falling domestic equity market, the China Securities Regulatory Commission (CSRC) told Xinhua on Friday.

The CSRC gave green lights to one stock fund managed by New Century Fund Management Co., Ltd. and two hybrid funds managed respectively by Lion Fund Management Co., Ltd. and Changsheng Fund Management Co., Ltd.

The industry watchdog didn't reveal the ceilings of these new funds.

Since early February, the country has approved the issues of 18 funds, injecting more than 100 billion yuan (14.1 billion US dollars) into the A-share market, reflecting the government's efforts to boost the sluggish equity market.

In a similar development, the CSRC said on Friday it had granted Columbia University a Qualified Foreign Institutional Investor (QFII) licence. The New York-based university can now be one of the foreign institutions allowed to invest in yuan-denominated securities.

Despite the Shanghai Composite Index nearly doubling last year, the benchmark index has since fallen more than 30 percent from its record high in mid-October.

China stock market shares continued to lose ground on Friday as concerns piled up over possible interest-rate increases and government measures to control record inflation.

China's benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 3,962.67 on Friday, down 8.58 points, or 0.22 percent, from the previous close.

(Xinhua News Agency March 15, 2008)

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