There will also be opportunities to invest in offshore products such as hedge funds and funds denominated in different currencies.
The Carlyle Group, one of the world's biggest private equity funds, said this month that it would join the Beijing municipal government to create an investment fund denominated in renminbi.
It also raised a fund denominated in dollars.
When the Blackstone Group established the first private equity fund denominated in yuan, it did so with the government of Pudong, China.
SHANGHAI — A few weeks ago, Stephen A. Schwarzman, the chairman of the Blackstone Group, the world's biggest private equity firm, signed a joint venture here with Shanghai's municipal government, creating the first Blackstone fund denominated entirely in Chinese currency.
At a news conference Wednesday, executives from the two companies, including David M. Rubenstein, a founder of Carlyle, said the partners had already set up a $100 million fund denominated in China's currency, the renminbi, to invest in emerging Chinese companies.
Take, for example, Prospect Harbor Credit Partners, described as "a $2.8bn Delaware-based fund investing in a wide variety of American, Dutch, English and German firms", in which Romney had investments of at least $1.25m, or the Bain Capital Europe Fund III, a $287m fund denominated in euros that invested primarily in Europe.
Best bet in the U.K.: Mercury Offshore Sterling Trust U.K., a Luxembourg-domiciled fund denominated in sterling.
At the same time, Goldman Sachs (GS US) has been reported establishing a Yuan denominated private equity fund to invest in China.
Mr Zhou also proposes an SDR-denominated fund, managed by the IMF, into which dollar reserves could be exchanged for SDRs.
Just weeks ago, Carlyle said it agreed to form a separate renminbi-denominated fund with the help of the Beijing municipal government.
