The new fund is a Ucits IV SICAV fund and provides investors with access to an otherwise inpenetrable Chinese currency.
Nick Smith, managing director of Allianz GI, said: "The renminbi is not a freely tradeable currency but the Chinese authorities are slowly changing this. They want the appreciation of Renminbi against other currencies to be controlled. The Allianz RCM Renminbi Currency fund seeks to benefit from this appreciation."
Allianz anticipates the yearly appreciation of Renminbi will be 4-7% and it views this as a alternative and uncorrelated investment opportunity.
The fund is scheduled to launch to UK investors in the fourth quarter of this year, subject to FSA approval.
Allianz said it decided to launch the fund after the success of its Renminbi Fixed Income fund, which it closed to new investors to preserve the liquidity of the fund after launch investments of €450m across Europe.
Helen Lam will manage the Renminbi Currency fund, and said: "There are several factors that drive the appreciation of the Renminbi. China has over $3trn in foreign exchange reserves – a significant accumulation which will provide a level of defence against regional and global market crashes.
"Furthermore the Chinese government is shifting its economy away from exports and low-cost manufacturing to domestic consumption and investment. A stronger Renminbi against the US dollar should reduce the domestic monetary supply and abate inflationary pressures."
