Five years ago, two of the most attractive investment propositions for British investors collided. Anthony Bolton, Fidelity’s famed stockpicker, launched a China fund in a year when the Asian nation’s economy grew by almost 12 per cent in the first quarter.

Fast forward to 2015, and Mr Bolton’s legacy fund — now run by Australian small-cap specialist Dale Nicholls — is trading on the London stock exchange at a wide 20.5 per cent discount to net asset value, depressed by China’s surprise currency devaluation this week and volatility on the Shanghai stock market as China’s economy slows down.

Discounts on UK-listed China funds may look tempting for retail investors with a strong risk appetite, but amid such uncertainty, there is much to be nervous about.