Goldman Said to Plan Yuan Fund, Morgan Stanley Set to Follow
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Goldman Sachs Group Inc. plans to set up a yuan-denominated private equity fund in China, according to two people with knowledge of the matter, while Morgan Stanley said it would announce a similar fund next week.
Chief Executive Officer Lloyd C. Blankfein attended a ceremony for Goldman Sachs in Beijing today, the people said, declining to be identified before an announcement. The bank and its Chinese partner will seek to raise 5 billion yuan ($769 million), another person said. Morgan Stanley plans to hold an event on May 18 to mark the start of its first yuan fund.