Shanghai, Beijing to Get $3 Bln Each for PE Quota, Caixin Says

China’s currency regulator will grant Beijing and Shanghai a quota of $3 billion each for foreign private-equity funds to invest in the country, Caixin reported, citing an unidentified person.

The foreign private-equity fund managers will be allowed to convert money raised overseas into yuan and directly invest in Chinese companies under a pilot program in Shanghai and Beijing, the report said.

The initiative, also known as the Qualified Foreign Limited Partner program, will be announced before Chinese New Year, the report said.

Chinese New Year will begin on Feb. 3.

To contact the editor responsible for this story: Bloomberg News at swong139@bloomberg.net

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