The fund is managed by Helen Lam, who is based in Hong Kong, and is the latest in a spate of funds launched recently to tap into the trend of an appreciating RMB.
Allianz GI said the fund aimed to allow investors to participate in the appreciation of the RMB at a lower level of risk.
It is widely anticipated that the Chinese government will let the RMB appreciate gradually against the dollar as it tries to shift from an export-based to a consumer-based economy.
Lam already manages the Allianz RCM Renminbi Fixed Income Fund and intends to invest 100% of the currency fund in deposits to maintain liquidity.
Her fixed income offering has been closed at its current capacity of €450m.
Lam said: "In overall terms, the RMB has continued to appreciate while other Asian currencies have experienced a sharp decline since August this year and eroded all the short term gains made against the dollar in the previous month.
"I believe offshore RMB deposits are playing an increasingly important role in the Hong Kong financial market and the RMB deposit base has seen exponential growth since its introduction late last year.
"RMB deposit base accounts are around 600bn at present, approximately 10% of the total Hong Kong deposit base and we expect this to continue to grow and to reach around 2trn in a year and a half’s time."
The volatility of the fund is expected to be low to medium as the RMB is still controlled by Chinese authorities, who have signalled their approval for a controlled appreciation of their currency.
