Lion Fund Management, which invests in overseas gold-backed exchange-traded products, has received approval from the State Administration of Foreign Exchange (SAFE) to increase its fund raising, Bloomberg reports. The Chinese firm has received another $500 million quota for overseas securities investment.
The fund may use part of the quota to boost the size of the gold fund. Lion Fund has raised about $483 million for the fund, using the $500 million initial quota granted by the SAFE.
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