China is preparing to launch cross-border exchange-traded funds or ETFs. It's part of the country's plans to widen channels for its growing yuan savings.
ETFs are index funds that trade like stocks on major stock exchanges. The ETFs would be based on stocks, listed on the Hong Kong stock exchange.
The China Securities Regulatory Commission says technical issues are being smoothed out. The commission's Director-general for international affairs says ETFs are an incredibly important product, because they're the first cross-border product under the Qualified Domestic Institutional Investor program.