China's privately offered funds expand in January

BEIJING -- The total value of privately offered funds in China reached 20.28 trillion yuan (about $3.2 trillion) at the end of January, industry association data showed Monday.

The figure was up 514.36 billion yuan, or 2.6 percent from a month earlier, according to the Asset Management Association of China (AMAC). The number of registered private funds rose 2.26 percent to 126,916 at the end of last month.

A total of 24,646 institutions managed these funds, up 0.15 percent month-on-month, AMAC data shows.

Established in 2012, AMAC is a self-regulatory organization that represents the mutual fund industry of China.