US firms, such as Blackstone and the private equity arm of Goldman Sachs, are establishing investment companies in China to raise renminbi funds from local investors and take stakes in local companies with Chinese partners, according to people familiar with the matter.
The move is another step towards making the Chinese currency more widely available, and a further signal that Beijing is determined to improve the standard of corporate management in China.
The two private equity firms join banks such as Citibank, Bank of East Asia and HSBC in their ability to offer renminbi products.
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