The first overseas fund launched by China's Yinhua Fund Management pulled in a record low investment, according to Reuters, as falling equities worldwide and a strong local currency continued to put off Chinese portfolio investment abroad already constrained by law.

The fund opened for subscriptions on 21 April 2008 and closed after raising a total of 417 million yuan ($60.2 million), Yinhua said in a statement.

That compares with a maximum target of $2 billion which the fund had aimed to raise and invest as to 60 per cent in overseas mutual funds.

No Qualified Domestic Institutional Investor scheme has raised less; mutual fund management firms have launched seven QDII funds since 2007.