China Allows Six Foreign Hedge Funds To Set Up Shop

China has given six foreign hedge funds the right to raise funds in yuan to invest overseas, a strong move towards opening the country’s economy and internationalizing its currency, writes Amy Li for The Wall Street Journal. Hedge funds quota The funds will be small at first, limited to just $50 million worth of yuan; it’s not surprising that the ruling Communist Party would take a conservative approach. This program, called Qualified Domestic Limited Partner (QDLP), follows a similar change—introduction of the Qualified Domestic Institutional Investor (QDII)—by seven years, so clearly no one’s in a rush. The QDII, which allows…