China to let foreign hedge funds raise RMB assets

Foreign hedge funds will be allowed to register and raise renminbi funds in China under a new pilot scheme, potentially before the end of this month, according to local media on the mainland. With a forecast initial quota of $5 billion, the qualified domestic limited partner (QDLP) scheme is being finalised for rollout in Shanghai as a way to attract foreign institutions to help build the city into an international financial centre by 2020. It also falls under the broader theme …