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Chinese Mutual Funds Lose $158B
Money Market Funds Post Modest Profit
September 1, 2008
China's mutual fund sector posted record paper losses for the first half of the year, totaling $158 billion, or 1.08 trillion yuan, yet management fees more than doubled from a year ago, according to Shanghai Securities News.
Equity mutual funds posted a combined unrealized loss of $155 billion, while money market funds showed a paper profit of $190 million.
The huge drop comes at the end of a two-year bull run that raised share prices six-fold. The mutual fund sector grew nearly seven-fold to more than $439 billion, or 3 trillion yuan.
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