(Yicai) July 24 -- Franklin Resources, a global investment firm also known as Franklin Templeton, refuted a rumor of dissolving its Beijing office.

The asset manager has not applied for a cancellation of the Beijing office's business registration, the California-headquartered company told Yicai today.

Information circulating on social media yesterday claimed that the American company fired Yu Qing, the managing director of its China business, early this month and that it would move its local business to its Shanghai arm.

The Shanghai office is not a representative office but a wholly foreign-owned enterprise, Franklin Templeton said, adding that Yu left the company last month after finishing her contract. Franklin Templeton will continue deepening its presence in the Chinese market, it said, adding that the business will remain to be carried out by an experienced local team.

Many international asset managers have recently downscaled their China businesses amid a high interest rate environment abroad and shrinking business in Asia. Last year, China's scale of public funds increased 6 percent year-over-year, mostly because of widening money market funds, bond funds, and exchange-traded funds but the share of foreign-funded firms in this regard remained relatively low.

As the world's second-biggest economy, China has a well-educated labor force and the nation enjoys dividends of engineers, Jenny Johnson, president and chief executive, said earlier. China's slowing economy is normal as it is impossible to always grow fast, she said, adding that the country still has many opportunities.

Editors: Shi Yi, Emmi Laine