China Approves $3B Program for Foreign PE Investment

China’s foreign exchange regulator has approved a $3 billion pilot program that will allow foreign currencies to be converted into yuan for private equity investments, Reuters reported. The program would benefit private equity firms such as The Carlyle Group and Blackstone Group, which have been raising yuan-denominated funds, Reuters said, adding that the program would also give overseas pension funds and other investors a new avenue for investment in China. The program could begin as soon as December.

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