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Blackstone Wins Approval for Yuan-based Fund

Buyout shop Blackstone Group has won approval from the Shanghai government for its yuan-based fund, allowing it to invest the money raised abroad in China without seeking permission from the country’s foreign exchange regulator, Reuters reported, citing a Bloomberg story. Blackstone’s 5 billion yuan ($765 million) domestic fund was approved for the Qualified Foreign Limited Partner program.

(Reuters) – U.S. private equity firm Blackstone Group won approval from Shanghai authorities allowing it to invest money raised abroad in China without seeking permission from the country’s foreign exchange regulator, Bloomberg said, citing two people with knowledge of the matter.

Blackstone’s 5 billion yuan ($765 million) domestic fund was approved for the Qualified Foreign Limited Partner program (QFLP), the agency said.

Blackstone could not immediately be reached for comment.

(Reporting by Sakthi Prasad in Bangalore)