UBS is in talks with the Beijing municipal government on setting up a renminbi-denominated private equity fund as the Swiss bank looks to expand in China.
Financial groups are flocking to set up local currency funds in China because of the stricter regulatory hurdles that surround investments made in foreign currency.
The Beijing municipal government is looking at ways of deepening its involvement in private equity and has announced plans to establish an investment fund with Carlyle Group of the US.
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