China's privately offered funds drop in April

BEIJING -- The scale of China's privately offered funds stood at 19.97 trillion yuan (about $2.98 trillion) by the end of April, data from an industry association showed.

The volume went down 411.68 billion yuan, or 2.02 percent from the end of the previous month, according to the Asset Management Association of China (AMAC). The number of registered private funds rose 1.32 percent to 131,667 at the end of April.

A total of 24,622 institutions managed these funds, up 0.04 percent month-on- month, AMAC data shows.

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