Shanghai RMB QFLP program still missing key steps
Latest reports indicating that China's State Administration of Foreign Exchange (SAFE) has approved a $3 billion quota for the Shanghai municipal government to allow foreign currencies to be converted into RMB for investing into local private equity funds still leave the Qualified Foreign Limited Partner (QFLP) scheme short of some key steps before it is likely to attract foreign capital, according to AVCJ sources.
The original Reuters report indicated that SAFE has approved the quota to allow established global LPs to invest in Shanghai-incorporated RMB-denominated private equity funds, with the Shanghai government...
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