Money

Goldman Sachs, Morgan Stanley set RMB funds

(Crienglish.com)
Updated: 2011-05-13 14:46

Goldman Sachs and Morgan Stanley are now both set to launch private-equity funds denominated in renminbi.

Related readings:  HK to launch RMB gold products  HK to boost RMB-denominated shares trading  S Korea mulls RMB-denominated assets investments

Goldman has now signed a deal with the Beijing Municipal government to launch a yuan-denominated fund that hopes to raise 5 billion yuan.

Goldman and the municipal government will seed with their own money, while at the same time, look for other investors among wealthy individuals and institutions around the country.

Meanwhile, Morgan Stanley is also expected to announce details of a yuan-denominated private-equity fund in Hangzhou next week.