US banks launch renminbi funds

Goldman Sachs and Morgan Stanley are to launch rival private equity funds denominated in China’s currency the renminbi to gain greater access to the market. Goldman chief executive Lloyd Blankfein visited Beijing yesterday to sign the fund’s launch agreement with its partner, the Beijing municipal government’s Capital Operation and Management Centre. Morgan Stanley will launch its fund in partnership with the Hangzhou Industrial & Commercial Trust. Both will raise funds from domestic investors in the Chinese market.