Chinese asset management firm E Fund Management (Hong Kong) said it has tied up with London-based ETF Securities to launch an exchange traded fund (ETF) to list on three European exchanges.

The ETF allows European investors to access China's market while being another incremental step in expanding the yuan's global footprint.

Tracking the MSCI China A Index and with a quota of 2 billion yuan ($320.9 million), the ETF was listed on the London Stock Exchange, Deutsche Boerse and NYSE Euronext Amsterdam on Monday. It is the first such fund to get listed in three European stock exchanges simultaneously under the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme.

The RQFII program, launched in 2011, allows financial institutions to use offshore yuan to invest in the Chinese mainland's securities markets, including in stocks, bonds and money market instruments.

"Last month when we did roadshows in Europe, we found that many investors there were looking for opportunities in China," Tseng Ko, managing director at E Fund Management, told Reuters.

"European investors held a positive attitude toward China's market reform and opening-up, though they also had concerns on issues like credit default and the export slowdown," Tseng said, adding E Fund planned to list the ETF in more markets.

China's economic activity showed across-the-board weakness in April, with data from output to investment and consumption all missing market expectations.

E Fund is not alone in expanding its yuan business road map. China's Harvest Global Investments partnered with Deutsche Asset & Wealth Management in December and listed the first yuan ETF in the US.

China's CSOP Asset Management also cooperated with London-based Source to launch RQFII ETFs in London and the US in January.

China is stepping up efforts to reform its capital markets and to promote its currency to global investors, in a bid to raise the status of the yuan in trade as the world's second-largest economy opens up its markets.