Bank of China launches the first Qualified Domestic Institutional Investor (QDII) product to institutional investors today, te China Daily reported. The bank will invest in overseas money markets, asset-backed securities, mortgage-backed securities as well as medium- and short-term bonds include bank bills, government bond and corporate bonds, said the comapny in a statement.   Institutional Investors can begin their purchases today until August 9. The products would be opened to other investors after that.   The government approved an initial batch of US$4.8 billion in QDII quotas July 21, which allows three banks convert customers' yuan into foreign currency to invest overseas, wrote the paper.   Analysts expect the capital outflows resulting from the program to ease some of the upward pressure on the yuan, and to slow the pace of expansion of the country's foreign exchange reserves.