Hua An Fund Management has sold more than 60 million US dollars of China’s first overseas fund under the qualified domestic institutional investor program (QDII) through Industrial and Commercial Bank of China, as the first step toward China opening its capital account by allowing more funds to flow abroad, The Standard reported. Hua An received a US$500 million government quota to convert yuan deposits into foreign currency for overseas investment on September 5 under the QDII program. Initial demand was not very strong because domestic investors are not familiar with the risks and returns on overseas investment, said the apper, quoted Hua An as saying. The China Banking Regulatory Commission has approved 13 banks to offer overseas investment services to clients. China has so far granted eight of those banks, including China CITIC Bank, a total of US$10.3 billion in quotas for their overseas investments. Analysts said they expect the new program, announced in April, to release pent-up demand from domestic investors to diversify their asset holdings by moving some funds abroad.