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The Sub-Fund’s objective is to provide a long term return of capital growth and income in Renminbi (“RMB”) terms. The Sub-Fund will invest primarily in a portfolio of bonds, fixed and floating rate securities and convertible bonds, issued outside of mainland China by governments, government agencies, supra-national and corporate issuers which may or may not be established or incorporated in mainland China, money market instruments and deposits. The Sub-Fund may also invest in instruments issued within mainland China, as considered desirable by the Manager and as permitted by the prevailing regulations.