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People's Daily Online>>China Business

Biggest yuan fund launched in Shanghai

By Feng Jianmin (Shanghai Daily)

09:27, February 17, 2012

CHINA'S biggest yuan-denominated international fund was set up in Shanghai yesterday as the city goes all out to ride on the internationalization of the yuan and help companies go aboard.

The 50 billion yuan (US$7.9 billion) fund, run by Sailing Capital International, is expected to leverage more than 150 billion yuan of investment capital through coordination with banks, the company said.

It offers a professional investment platform for institutions ambitious to invest aboard. It also expands the landscape of the local currency as yuan will be prioritized to be used in the pricing, transaction and settling of projects.

Sailing Capital has been set up by Shanghai International Group, the investment affiliate of the Shanghai government, and state-owned enterprises and private companies.

"The yuan-backed fund will help domestic companies go aboard in seeking more investment opportunities," said Liu Shiyu, deputy governor of the People's Bank of China. "The rapid development of cross-border yuan business in recent years has laid the backbone for capital like Sailing's to sail along."

The central bank will keep supporting Shanghai to be at the forefront of rolling out more financial innovations, Liu said.

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