Chinese funds now able to be sold by brokers

Today (Thursday) a new clearing system for Chinese mutual funds will be introduced in time for a new product launch by Shenzhen-based Rongtong Fund Management, which will in turn be sold by five securities houses. The represents a first for China, where mutual funds could only previously be purchased from the fund company itself, or its bank distributor.Amid last year's hype about introducing China's first open-ended mutual funds, one aspect went unmentioned: it's very difficult to bu…