BNP Paribas Investment Partners is set to launch a China high yield bond fund through its local market joint venture with Haitong Securities. This marks the second RMB bond fund to be overseen by HFT Investment Management, the Shanghai-based partnership that was set up by BNP Paribas IP and Haitong Securities in 2003. The new fund, called the HFT (HK) China High Yield Bond fund, follows the agreement of the China State Administration of Foreign Exchange last May to grant the firm the right to use their yuan to buy up to RMB 800 million (EUR 98 million) worth of mainland securities.