From time to time, liquidity may also be affected by stock specific or economic events.To manage these risks the Investment Manager undertakes detailed research to select appropriate investment opportunities in line with the Fund's objective. The risk is minimised by holding cash, readily realisable securities and access to overdraft facilities.The Fund may engage in leverage for investment purposes or as part of a hedging strategy. The RMB denominated and settled approved money market instruments include but are not limited to PRC government bonds, central bank bills, policy bank bonds, negotiable certificate of deposits, commercial papers, corporate bonds, asset back securities and other notes with a residual maturity until the legal redemption date of less than or equal to two years, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days. All stocks are valued daily but those stocks identified as being less liquid are reviewed on a regular basis for pricing accuracy.Interest rate risk profile of financial assets and liabilitiesThe financial statements have been prepared in accordance with the historical cost convention, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice ("SORP") for Authorised Funds issued by the IMA in May 2014 and Financial Reporting Standard 102 (''FRS 102'') 'the Financial Reporting Standard applicable in the UK and Republic of Ireland'.8. The Company has adopted these amendments with the relevant disclosures in note 13 of the Fund's financial statements.The ACD has taken the decision to apply income equalisation to the year end distributions of the Commerzbank CCBI RQFII Money Market UCITS ETF. NCBI Annual Report 2015 [PDF, 7MB] NCBI Annual Report 2015 [Word, 95KB] Annual Report 2014. Portfolio transaction costsAs at 31 December 2017 all of the shares of the Fund are held by CCB International Asset Management.Major holdings - % of total net assetsAsset type breakdown - % of total net assetsInterest rate liabilities exposure as at 31 December 201712. Risks of financial instrumentsInvestment Manager's Report for the period from 01 January 2017 to 31 December 2017Multi-share class apportionmentThe tables below set out the classification of the Fund's financial instruments measured at fair value in accordance with FRS 102:Any transactions through related parties are entered into in the ordinary course of business and on normal commercial terms.The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The aggregate monies received through creations and liquidations are disclosed in the Statement of change in net assets attributable to shareholders, amounts due to/from the ACD in respect of share transactions at the period-end are disclosed in the balance sheet.The net asset value of each share class, the net asset value per share and the number of shares in each share class are given in the below table:Early adoption of the "Amendments to FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' - Fair value hierarchy disclosures" issued by the FRC requires the Company to classify financial instruments measured at fair value into the following hierarchy:The Fund invests in bonds that are at risk of default at any time.There are no events to be reported after the balance sheet date.Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities.The distribution per share class is given in the Distribution Tables on page 39.15.

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