Carlyle Group, the US private equity firm, unveiled plans yesterday to establish a renminbi-denominated fund in co-operation with the Beijing municipal government that will enable it to make local currency investments across China.
Carlyle has signed a memorandum of understanding with the financial arm of Beijing's local government and expects the fund to begin operating this year.
Foreign private equity groups have struggled to make inroads into China, partly because of strict regulations governing the use of dollar-based offshore funds to acquire local assets.
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