ING and China Merchant JV launch Chinese Money Market Fund

China's mutual fund industry takes another step forward this week with its latest innovation. For the first time, investors in China will be able to invest their cash in safe, liquid and low interest funds similar to the Money Market Funds in the United States. One of the first to gain approval from the China Securities Regulatory Commission (CSRC) on December 10 was the fund management joint venture between ING Investment Management and China Merchant's Securities. Their new product…