(MENAFN) Recent data from the China Asset Management Association has revealed that the assets affiliated with the management of Initial Public Offering (IPO) Funds in China surged to an impressive 27.6 trillion yuan (approximately USD3.9 trillion) by the end of 2023. The association reported that as of the conclusion of the previous year, a total of 11,528 IPO funds were in operation, managed by 145 fund management companies. Notably, the data indicated that closed funds accounted for a volume of 3.8 trillion yuan, while open funds reached a substantial 23.8 trillion yuan. Among the 145 asset management companies, 49 were foreign-funded entities, with the remaining 96 being local companies.

In a parallel development, official data from the National Foreign Exchange Authority highlighted robust activity in China's foreign exchange market. The trading volume in the foreign exchange market for December reached 20.54 trillion yuan (approximately USD2.89 trillion). The breakdown of this figure revealed that the total volume of foreign exchange deals between banks and their clients amounted to 3.36 trillion yuan, while the trading volume of foreign exchange deals solely between banks reached 17.18 trillion yuan.

These figures underscore the significant scale and activity in China's financial markets, with the IPO fund management sector witnessing substantial growth and the foreign exchange market displaying noteworthy trading volumes. The data reflects the dynamism and vibrancy of China's financial landscape, indicative of its position as a key player in the global financial arena.

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