JPMorgan Chinese Investment Trust has agreed a 364-day revolving £20m credit facility agreement with Scotiabank (Ireland) Ltd with an option to extend the facility for a further 364 days.

The company's existing £8m revolving credit facility with Lloyds TSB Bank expires today (28 January).

The board has given the investment managers the flexibility to gear the company's portfolio within the range of 90% to 115% invested.

At the close of business yesterday, the company was 104.6% invested.