AllianceBernstein launches renminbi bond fund

AllianceBernstein has launched a renminbi fixed income fund for Hayden Briscoe, aiming to capture high yields from Asian bonds.

The RMB Income Plus portfolio will aim to exploit the appreciation of the Chinese currency while gaining exposure to bonds issued by other Asian countries excluding Japan. Briscoe, director of Asia Pacific fixed income, will invest at least half of the portfolio in investment grade securities. "Since 2005, the renminbi has no longer been pegged to the US dollar. Despite the government's continuing control of the exchange rate, the currency has appreciated by about 20% in the intervening period and we think there is scope for the renminbi to strengthen further," Briscoe said. The of...