The fund is looking to capitalise on the appreciation of the renminbi as it moves towards less regulated convertibility. RCM predicts currency growth of 5-7 per cent per annum.

It will be the first UCITS fund with access to the renminbi offshore bond market, according to RCM Asia Pacific chief executive Mark Konyn.

“This is a conservatively run, steady appreciating access to currency fund with a bit of yield pick up and low volatility” said Konyn.

The fund will be dominated by deposits and short term investment strategies, and anticipates a 1.5 per cent initial yield rising to between 2 and 2.5 per cent over 6 to 9 months.

The fund will be managed by Helen Lam, who has worked at JP Morgan and is currently a member of the group’s regional fixed income management team.