Money Notes
CHIYU Banking Corporation, part of the Bank of China Group (BOC), will distribute Fidelity mutual funds through its network in Hong Kong.
Chiyu Bank is the second BOC member bank to enter the mutual funds market in Hong Kong. It is also the fifth bank that Fidelity signed up for retail distribution, adding the total number of distributing bank branches to more than 90.
Fidelity said this should further expand their distribution channel to make company's mutual funds even more easily available to the public.
Fidelity Funds is an umbrella fund offering a range of diversified investment choice of 18 equity funds and five bond funds.
ESTIMATES for the second quarter 1993 from the World Gold Council, in its quarterly publication Gold Demand Trends, show that overall demand for gold in the form of small bars, coins and jewellery, was up by one per cent over the same period last year.
As the gold price rose during the quarter by 11 per cent from its previous 1993 low, there were signs of a slowdown in the growth of overall domestic consumption.
Gold jewellery sales in the US continued to prove resilient to a higher gold price rising six per cent during the quarter, while the jewellery take-off in Europe continues to be depressed, down 12 per cent.
