Shanghai allows offshore RMB to participate in private equity
Shanghai has reportedly given a green light for foreign players to invest in unlisted Chinese companies using renminbi capital raised offshore. The Renminbi Qualified Foreign Limited Partner (RQFLP) initiative is part of China’s efforts to promote the globalization of its currency and help Shanghai become an onshore renminbi convertibility hub.
The Hong Kong unit of Haitong Securities - Haitong International - will be first to participate in the pilot program, which was set up by the several regulatory authorities including the State Administration...
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