"currency fund" is a correct and usable phrase in written English.
For example, you could use it in a sentence like this: "The company set up a currency fund to help protect its assets against exchange rate fluctuations."
He co-founded and managed GaiaCorp, a top performing currency fund whose profits funded investments in environmental projects.
Many of the big global firms have opened a local currency fund.
The Merk Hard Currency Fund (MERKX) manages a basket of currencies that may do well when the dollar is down, and offers a small allocation to gold.
The Blackstone Group signed a joint venture in November with the Shanghai government to create a $732 million local currency fund.
Neil MacKinnon, chief economist at currency fund manager ECU, said yesterday's decision meant that Mr Brown and the Treasury retained control of the euro decision timetable.
And because regulators recently agreed to allow insurance companies to invest a portion of their money in private equity, the incentives for creating a local currency fund were now incredibly attractive, TPG said.
"Now, many entrepreneurs are starting to turn away foreign currency funds," Mr. Wang at China Equity said.
"This is the new model," said Lawrence Sussman, a Beijing-based lawyer who specializes in local currency funds for O'Melveny & Myers.
"But there will not be a fundamental solution until we can find new sources of foreign currency funding".
If TPG raises $1.5 billion in local currency funds, it will become the biggest global private equity firm in China's local currency market.
So far this year, investors have poured $22.6 billion into local currency funds, more than four times the amount in 2007, the last boom year, according to the fund tracker EPFR.
