Oversea-Chinese Banking Corp Ltd (OCBC) has set up a qualified private equity fund to invest in onshore China companies, potentially allowing the bank to raise an onshore renminbi fund.
The $100 million fund was created under the Shanghai Qualified Foreign Limited Partner (QFLP) programme, which allows the fund to convert up to $100 million of foreign currency into renminbi and invest that renminbi onshore in domestic Chinese companies over the next five years. (link.reuters.com/wyh85v)
NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Singapore Newsroom; Editing by Anand Basu)