More wholly foreign-owned enterprises (WFOEs) are registering private fund management (PFM) firms. Their number is now estimated to be between 20 and 50, and growing. By the end of this year, PFM firms of the WFOE variety are expected to launch 30 investment products. Lawrence Au, Executive Advisor for Asia Pacific with BNP Paribas Securities Services, said the gradual establishment of foreign-owned PFM firms in China would mean that investors will have more choices, and the entire capital market will get more diversified. In June 2016, China’s securities and asset management regulators had jointly announced the WFOE policy, allowing foreign businesses access to various Chinese markets. On May 5, Fidelity International’s Shanghai-based PFM firm, a WFOE, launched its first private fund in China. It is also the first global asset manager to launch a private fund in China. “Undeniably, the renminbi bond market is key to the future of Asia’s bond markets. It will play a big role in global financial markets for many years to come”, said Freddy Wong, Fixed Income Portfolio Manager of Fidelity International, the China Daily reports.