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offshore fund

China starts $21.8 billion offshore fund amid currency concerns

BEIJING: China's central government has launched a 150 billion yuan ($21.79 billion) fund designed to support investments offshore by Chinese companies as well as the country's new Silk Road initiative. The first phase of the Guotong Fund, capitalized at 70 billion yuan, was registered on Nov. 25 in Hangzhou, according to a statement posted Wednesday on the website of the State-owned Assets Supervision and Administration Commission (SASAC). The statement cited equipment manufacturing as one type of offshore investment…