FTSE, Xinhua in pact to launch benchmark index for China

Global index provider FTSE has recently formed a joint venture with Xinhua Financial News, a newsagency under the Chinese government, to create a series of indices tracking the Chinese stock market by March 2001. Called FTSE/Xinhua Index Limited (FXIL), the 50:50 joint venture company is hopeful that its new indices will be used as performance benchmarks for overseas derivative traders, index fund managers and exchange traded funds investing in the Chinese market.