HONG KONG, May 30 Reuters Global fund launches in China have hit a record as a weakening yuan and fragile economy drive demand for foreign assets, in the latest sign of low confidence among domestic investors.

Eleven funds issued under the Qualified Domestic Limited Partner QDLP programme have been launched so far this year, according to data by ZBen Advisors, already outpacing the fullyear number from any previous year.

Managers such as Blackstone, Bridgewater Associates, and Oaktree Capital Management have opened funds, though they have not disclosed total fundraising.

The products, which raise money from high net worth and institutional investors and invest in overseas assets, are booming as Chinese markets flounder. The yuan is at sixmonth lows on the dollar, the stock market shows signs of fatigue after a rebound from 5year lows struck in February and benchmark 10year government bond yields have hit record lows.

Investors39; demand for offshore products have been rising quickly this year due to a weak yuan and sentiment, said Ivan Shi, head of research at Shanghaibased ZBen Advisors, adding alternative investments and foreign bonds are popular.

In April, Blackstone launched its first QDLP fund, channeling money to the firm39;s Private Equity Strategies fund.

The initial sales target of 40 million was reached in less than two weeks, according to two people familiar with the matter. Blackstone declined to comment.

Hedge fund giant Bridgewater has also set up…