SHANGHAI, Aug 6 (Reuters) - Fidelity International has obtained Chinese regulatory approval to set up a wholly-owned mutual fund unit in the country, the China Securities Regulatory Commission (CSRC) said. The new company, to be based in Shanghai, can conduct mutual fund and private fund management business, CSRC said in a statement on its website. (Reporting by SHANGHAI NEWSROOM; Editing by Toby Chopra) Our Standards: The Thomson Reuters Trust Principles.