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An employee of the Korea Exchange Bank counts one hundred U.S. dollar banknotes at the bank's headquarters in Seoul, August 11, 2011. REUTERS/Jo Yong-Hak

Corporate cash-hoarding continues

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Morgan Stanley aims to raise 1.5 billion yuan in China PE fund

The entrance to the Morgan Stanley headquarters is seen in New York, May 12, 2010. Picture taken May 12, 2010. REUTERS/Shannon Stapleton

The entrance to the Morgan Stanley headquarters is seen in New York, May 12, 2010. Picture taken May 12, 2010.

Credit: Reuters/Shannon Stapleton

HANGZHOU, China | Wed May 18, 2011 4:05am EDT

HANGZHOU, China (Reuters) - Morgan Stanley (MS.N) launched its first yuan-denominated private equity fund in China on Wednesday, saying it aimed to raise 1.5 billion yuan ($230 million).

The fund is launched through Morgan Stanley's newly-established China private equity unit, based in the eastern city of Hangzhou.

Global banks and buyout firms including Blackstone (BX.N), Carlyle CYL.UL and Goldman Sachs (GS.N) are rushing to launch yuan funds to tap China's booming private equity market.

($1 = 6.506 Chinese Renminbis)

(Reporting by Samuel Shen and Kazunori Takada)
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