Blackstone Wins Approval for Yuan-based Fund

Buyout shop Blackstone Group has won approval from the Shanghai government for its yuan-based fund, allowing it to invest the money raised abroad in China without seeking permission from the country's foreign exchange regulator, Reuters reported, citing a Bloomberg story. Blackstone's 5 billion yuan ($765 million) domestic fund was approved for the Qualified Foreign Limited Partner program (QFLP).

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