Hi,

> Does this mean that each channel is funded by one
party only but they can make payments in both directions (assuming that some
initial payments are made by the party funding the channel)?

Yes. Note that the field `push_msat` allows that initial payment to be
made as part of the channel opening.

> Any idea about the rationale for one-sided channel funding?

It is just simpler for v1.0, but there already is a PR [1] for dual
funding in the works.

Cheers

Pierre

[1] https://github.com/lightningnetwork/lightning-rfc/pull/184
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