There will also be opportunities to invest in offshore products such as hedge funds and funds denominated in different currencies.
Existing 90-day lending bans affecting six other large Russian banks will also be tightened to 30-days, something US officials claim will sharply increasing their borrowing costs and deny access to important dollar-denominated funding sources.
Worries over the survival of the euro have led to a flight of dollar-denominated funding, leaving European banks desperately short of the currency used to finance much of the world's trade.
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.
The Blackstone Group, the Carlyle Group and other firms are even forming private equity funds denominated in China's currency, the renminbi.
When the Blackstone Group established the first private equity fund denominated in yuan, it did so with the government of Pudong, China.
Industry experts say that to compete with China's growing funds, global firms like Blackstone, the Carlyle Group and even the buyout firm Kohlberg Kravis Roberts are scrambling to form funds denominated in renminbi.
More than 190 funds denominated in the Chinese currency, with more than $30 billion in combined capital, have been established during the last two and a half years, according to Zero2IPO, a Beijing-based research firm.
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.
The announcement comes as some of the world's biggest private equity firms, including the Blackstone Group and the Carlyle Group, have already scrambled to raise huge funds denominated in the renminbi.
