RMB devaluation good in the long term despite redemptions, says E Fund

Following the recent devaluation of the renminbi, E Fund Management suffered some redemptions from its RMB qualified foreign institutional investor (RQFII) funds. Despite that, a more market-driven FX pricing mechanism is positive for further development of RQFII in the long run, says Jeffrey Qi, portfolio manager at the world’s second largest RQFII quota holder.