FX Street- In a move designed to open its capital account China has permitted foreign hedge funds to approach wealthy citizens for funds to invest overseas, according to sources in the industry.
The reform, called the Qualified Domestic Limited Partner programme, invites hedge funds to apply for licenses to register in Shanghai, two people said. One person said that only the world’s biggest hedge funds, with at least $10bn assets under management, would be allowed to participate at first. SAFE (State administration of Foreign Exchange) of course will have the final say.
